<SEC-DOCUMENT>0001292814-26-003969.txt : 20260730
<SEC-HEADER>0001292814-26-003969.hdr.sgml : 20260730
<ACCEPTANCE-DATETIME>20260730060304
ACCESSION NUMBER:		0001292814-26-003969
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20260630
FILED AS OF DATE:		20260730
DATE AS OF CHANGE:		20260730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBEV S.A.
		CENTRAL INDEX KEY:			0001565025
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				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:		261219952

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		RUA DR. RENATO PAES DE BARROS, 1017
		STREET 2:		3 ANDAR PARTE
		CITY:			SAO PAULO
		PROVINCE COUNTRY:   	D5
		BUSINESS PHONE:		55(11)2122-1414

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		RUA DR. RENATO PAES DE BARROS, 1017
		STREET 2:		3 ANDAR PARTE
		CITY:			SAO PAULO
		PROVINCE COUNTRY:   	D5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>abevitr2q26_6k.htm
<DESCRIPTION>6-K
<TEXT>
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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 July, 2026</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="color: White; font: 0.01px Times New Roman, Times, Serif; margin: 0pt; text-align: center">PricewaterhouseCoopers Auditores Independentes Ltda. Avenida Brigadeiro Faria Lima, 3732, Edif&iacute;cio B32, 16o, S&atilde;o Paulo,
SP, Brasil, 04538-132 T: +55 (11) 4004-8000 Report on review interim consolidated financial statements To the Board of Directors and Shareholders
Ambev S.A. Introduction We have reviewed the accompanying consolidated interim balance sheet of Ambev S.A. and its subsidiaries ("Consolidated")
as at June 30, 2026 and the related consolidated income statements and comprehensive income for the quarter and six-month periods then
ended, and the consolidated statements of changes in equity and cash flows for the six-month period then ended, and explanatory notes.
The Executive Board of Officers is responsible for the preparation and presentation of these consolidated interim financial statements
in accordance with International Accounting Standard (IAS) 34 - Interim Financial Reporting, of the International Accounting Standards
Board (IASB). Our responsibility is to express a conclusion on these condensed interim financial statements based on our review. Scope
of review We conducted our review in accordance with International Standards on Reviews of Interim Financial Information (ISRE 2410 -
Review of Interim Financial Information Performed by the Independent Auditor of the Entity). A review of interim financial information
consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards
on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention
that causes us to believe that the accompanying parent company and consolidated condensed interim financial statements referred to above
are not prepared, in all material respects, in accordance with IAS 34. S&atilde;o Paulo, July 29, 2026 S&eacute;rgio Eduardo Zamora Contador
CRC 1SP168728/O-4 PricewaterhouseCoopers Auditores Independentes Ltda. CRC 2SP000160/O-5 www.pwc.com.br</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_002.jpg" ALT=""></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/107% Avantt; color: #365F91; margin: 12pt 0 0; text-align: center"><B>Contents</B></P>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="font: 10pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="width: 90%; text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>INTERIM CONSOLIDATED BALANCE SHEET</B></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0cm; padding-bottom: 5pt">2</TD></TR>
  <TR STYLE="font: 10pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>INTERIM CONSOLIDATED INCOME STATEMENT</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">4</TD></TR>
  <TR STYLE="font: 10pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">5</TD></TR>
  <TR STYLE="font: 10pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">6</TD></TR>
  <TR STYLE="font: 10pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">8</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>1. CORPORATE INFORMATION</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">9</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>2. BASIS OF PREPARATION AND PRESENTATION OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">10</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>3. SUMMARY OF MATERIAL ACCOUNTING POLICIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">12</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>4. USE OF ESTIMATES AND JUDGMENTS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">13</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>5. CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">13</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>6. INVENTORIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">14</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>7. RECOVERABLE TAXES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">15</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>8. INCOME TAX AND SOCIAL CONTRIBUTION</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">15</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>9. PROPERTY, PLANT AND EQUIPMENT</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">18</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>10. TRADE PAYABLES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">21</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>11. INTEREST-BEARING LOANS AND BORROWING</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">21</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>12. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">22</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>13. CHANGES IN EQUITY</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">26</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>14. SEGMENT REPORTING</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">30</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>15. NET SALES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">34</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>16. OTHER OPERATING INCOME/(EXPENSES)</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">34</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>17. EXCEPTIONAL ITEMS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">34</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>18. FINANCIAL RESULTS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">35</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>19. SHARE-BASED PAYMENTS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">35</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>20. FINANCIAL INSTRUMENTS AND RISKS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">36</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>21. COLLATERAL, CONTRACTUAL COMMITMENTS TO SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">44</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>22. RELATED PARTIES</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">45</TD></TR>
  <TR STYLE="font: 12pt Avantt; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -35.45pt; padding-top: 0cm; padding-bottom: 5pt; padding-left: 35.45pt"><B>23. EVENTS AFTER THE REPORTING PERIOD</B></TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 5pt">46</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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


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

<P STYLE="font: 11pt/110% Avantt; color: #1555E5; margin: 0; text-align: justify"><B><A NAME="a_001"></A>INTERIM CONSOLIDATED BALANCE SHEET</B></P>

<P STYLE="font: 10pt Avantt; margin: 0">All amounts in thousands of Brazilian Reais</P>

<P STYLE="font: 12pt 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="border-bottom: #1555E5 1.5pt solid; width: 53%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Note</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 18%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 18%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">5.1</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">16,610,779&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">18,638,228&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">5.2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,735,617&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,681,692&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Trade receivables</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,569,116&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,351,608&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">631,326&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">769,212&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10,416,081&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10,520,090&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,677,565&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,623,379&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,457,156&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,911,942&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>40,097,640&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>43,496,151&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Assets held for sale</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">376,981&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">379,445&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>40,474,621&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>43,875,596&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Investment securities</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">5.2</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">78,088&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">123,256&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,309&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8,904&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10,143,435&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10,149,140&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Deferred tax assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">8.1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8,399,251&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8,404,412&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,704,042&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,784,707&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">27,972&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">29,936&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Long term assets</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>20,358,097&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>20,500,355&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,077,628&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>485,792&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>9</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>25,644,209&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>27,644,317&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Intangible assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,567,854&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>11,042,703&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Goodwill</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>40,086,600&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>41,538,388&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>97,734,388&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>101,211,555&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>138,209,009&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>145,087,151&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Avantt; margin: 0"></P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim consolidated
financial statements.&nbsp;</P>


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    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>INTERIM CONSOLIDATED BALANCE SHEET (CONTINUED)</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">All amounts in thousands of Brazilian Reais</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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="border-bottom: #1555E5 1.5pt solid; width: 53%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Equity and liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Note</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 18%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 18%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">20,725,194&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">23,742,835&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,131,546&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">925,127&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Interest-bearing loans and borrowing</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,073,602&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,167,325&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Payroll and social security payables</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,136,124&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,200,729&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Dividends and interest on capital payables</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,194,413&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,927,786&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,166,235&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,437,314&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,879,600&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,003,145&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other liabilities, including put options granted on subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,653,046&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,623,681&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">12.1</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">662,159&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">571,365&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>39,621,919&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>45,599,307&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">238,572&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">312,959&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">20</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,704&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">274&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Interest-bearing loans and borrowing</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,875,358&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,219,599&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Deferred tax liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">8.1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,856,571&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,912,270&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">570,335&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">713,614&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">684,921&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">659,665&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,928&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,307&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">12.1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">707,586&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">877,690&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Employee benefits</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,753,950&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,012,685&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>9,693,925&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,713,063&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>49,315,844&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>56,312,370&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Equity</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Issued capital</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">58,307,362&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">58,275,079&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Reserves</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">105,396,977&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">108,003,463&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Carrying value adjustments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(82,915,188)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(78,364,503)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Retained earnings/(losses)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,524,023&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Equity attributable to Ambev&#8217;s shareholders</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>88,313,174&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>87,914,039&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Non-controlling interest</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">579,991&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">860,742&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total equity</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>88,893,165&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>88,774,781&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total equity and liabilities</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>138,209,009&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>145,087,151&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim consolidated
financial statements.</P>


<!-- Field: Page; Sequence: 5 -->
    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt/110% Avantt; color: #1555E5; margin: 0; text-align: justify"><A NAME="a_002"></A><B>INTERIM CONSOLIDATED INCOME STATEMENT</B></P>

<P STYLE="font: 10pt Avantt; margin: 0"><B>For the six and three-month periods ended June 30</B></P>

<P STYLE="font: 10pt/108% Avantt; margin: 0; text-align: justify">All amounts in thousands of Brazilian Reais unless otherwise stated</P>

<P STYLE="font: 11pt/108% Avantt; margin: 0; text-align: justify">&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; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Six-month period ended:</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Three-month period ended:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Note</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2025</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Net sales</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">15</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">42,613,399&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">42,587,572&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">20,148,919&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">20,090,194&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Cost of sales</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(20,582,047)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(20,991,855)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(9,700,434)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(10,046,123)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>22,031,352&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>21,595,717&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,448,485&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,044,071&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Distribution expenses</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(5,469,939)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(5,457,042)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,697,865)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,580,347)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Commercial expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(4,337,545)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(4,242,833)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,335,390)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,172,906)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,792,047)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,915,194)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,331,865)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,426,347)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">16</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,365,188&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,201,053&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">762,166&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">585,855&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Exceptional items</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">17</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,637&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(72,575)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(31,251)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(51,208)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,802,646&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,109,126&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,814,280&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,399,118&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt">Finance income</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>&nbsp;(i)</SUP></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,195,896&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,061,640&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">629,305&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">497,453&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt">Finance expenses&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">18</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,191,912)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,999,108)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(911,689)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(996,245)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt">Other net financial results&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">18</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(546,634)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(892,899)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(203,733)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(475,193)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Net financial results</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,542,650)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,830,367)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(486,117)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(973,985)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10,671&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,738)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">11,023&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(5,457)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>9,270,667&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>8,276,021&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,339,186&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,419,676&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Income tax expenses</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">8.2</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,910,424)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,680,806)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(864,510)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(629,110)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>7,360,243&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>6,595,215&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,474,676&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,790,566&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Attributable to:</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Equity holders of Ambev</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,155,178&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,411,668&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,386,915&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,717,722&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">205,065&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">183,547&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">87,761&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">72,844&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Basic earnings per share &#8211; common &#8211; R$</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">0.4584&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">0.4100&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">0.2170&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">0.1742&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Diluted earnings per share &#8211; common &#8211; R$</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">0.4564&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">0.4081&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">0.2161&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">0.1734&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">(i) As from the fourth quarter of 2025, the other financial income and other
financial expense line items, which had previously been presented separately, were combined into the line item &#8220;Other net financial
results&#8221;. The same treatment has been applied on a comparative basis.</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim consolidated
financial statements.</P>

<P STYLE="font: 9pt Avantt; margin: 0">&nbsp;</P>


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

<P STYLE="font: 11pt/110% Avantt; color: #1555E5; margin: 0; text-align: justify"><B><A NAME="a_003"></A>INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</B></P>

<P STYLE="font: 10pt Avantt; margin: 0"><B>For the six and three-month periods ended June 30</B></P>

<P STYLE="font: 10pt Avantt; margin: 0">All amounts in thousands of Brazilian Reais</P>

<P STYLE="font: 12pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Six-month period ended:</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Three-month period ended:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 14%; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 11%; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2025</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 14%; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 11%; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>7,360,243&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>6,595,215&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,474,676&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,790,566&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Items that may be subsequently reclassified to profit or loss:</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Exchange differences on the translation of foreign operations (gains/(losses))</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 30.25pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Investment hedges &#8211; obligations related to the acquisition of a non&#45;controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,889&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">74,422&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(9,458)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,433)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 30.25pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Gains/losses on translation of other foreign operations&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(4,692,391)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(7,231,111)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,370,766)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,287,174)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 30.25pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Gains/losses on translation of foreign operations&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(4,688,502)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(7,156,689)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(2,380,224)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(2,288,607)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Cash flow hedge &#8211; gains/(losses)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 30.25pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Recognized in equity (Hedge reserve)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(9,989)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(822,134)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(360,195)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(385,466)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 30.25pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Reclassified from equity (hedge reserve) to profit or loss</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(42,914)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(522,155)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(107,957)</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(71,331)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; padding-left: 30.25pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total cash flow hedge</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(52,903)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,344,289)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(468,152)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(456,797)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 30.25pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Items that will not be reclassified to profit or loss:</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Re-measurements of post-employment benefits</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">841&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,036)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">24&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,124)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Other comprehensive (loss)/income</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(4,740,564)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(8,502,014)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(2,848,352)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(2,746,528)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total comprehensive (loss)/income</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,619,679&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,906,799)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>626,324&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>44,038&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Equity holders of Ambev</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,604,493&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,965,687)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">613,961&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">12,312&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">15,186&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">58,888&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">12,363&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">31,726&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="font-size: 9pt">The consolidated statement of comprehensive
income is presented net of income tax. The income tax effects of these items are disclosed in note 8.1 &#8211;<I>Income tax and social
contribution.</I></FONT></P>

<P STYLE="font: 11pt/115% Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Avantt; margin: 0"><FONT STYLE="font-size: 9pt">The accompanying notes are an integral part of these
interim consolidated financial statements.&nbsp;</FONT></P>

<P STYLE="font: 9pt Avantt; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/110% Avantt; color: #1555E5; margin: 0; text-align: justify"><B><A NAME="a_004"></A>INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</B></P>

<P STYLE="font: 10pt Avantt; margin: 0"><B>For the six-month periods ended June 30</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">All amounts in thousands of Brazilian Reais</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Attributable to the equity holders of Ambev</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Issued capital</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Capital reserves</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Profit reserves</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Non-controlling interest</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At January 1, 2025</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Note</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>58,226,036&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>55,336,410&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,637,019&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(68,557,326)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>98,642,139&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>938,375&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>99,580,514&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">&nbsp;Net Income&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">6,411,668&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">6,411,668&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">183,547&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">6,595,215&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) on cumulative translation adjustment [CTA]</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13.4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,030,017)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,030,017)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(126,672)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,156,689)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash flow hedges</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13.4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,346,338)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,346,338)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,049&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,344,289)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13.4</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,000)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,000)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(36)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,036)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total comprehensive income&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>6,411,668&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(8,377,355)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,965,687)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>58,888&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,906,799)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Capital increase</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13.1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">49,660&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">49,660&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(28,033)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">21,627&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Effects of the application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,376,923&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,376,923&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,298)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,372,625&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13.4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,825&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,825&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,848)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(23)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Taxes on deemed dividends</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,196)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,196)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,196)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Dividends</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13.3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(496,600)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(3,501,638)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(3,998,238)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(224,559)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,222,797)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Share buybacks, results from treasury shares, and share-based payments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13.2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,668,656)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,668,656)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">796&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,667,860)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Statute-barred /(additional) dividends</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">37,866&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">37,866&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">37,866&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>58,275,696&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,667,754&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,140,419&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,324,819&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(76,937,052)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>92,471,636&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>739,321&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>93,210,957&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0"></P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim consolidated
financial statements.</P>


<!-- Field: Page; Sequence: 8 -->
    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt/115% Avantt; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)</B></P>

<P STYLE="font: 10pt Avantt; margin: 0"><B>For the six-month periods ended June 30</B></P>

<P STYLE="font: 10pt/108% Avantt; margin: 0; text-align: justify">All amounts in thousands of Brazilian Reais</P>

<P STYLE="font: 8pt/108% Times New Roman, Times, Serif; margin: 0; text-align: justify">&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="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Attributable to the equity holders of Ambev</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Issued capital</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Capital reserves</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Profit reserves</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Non-controlling interest</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At January 1, 2026</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Note</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>58,275,079&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,781,385&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>54,222,078&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(78,364,503)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>87,914,039&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>860,742&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>88,774,781&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">&nbsp;Net Income&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,155,178&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,155,178&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">205,065&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,360,243&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) on cumulative translation adjustment [CTA]</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13.4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,500,708)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,500,708)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(187,794)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,688,502)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash flow hedges</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13.4</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(50,818)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(50,818)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,085)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(52,903)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13.4</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">841&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">841&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">841&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total comprehensive income&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>7,155,178&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(4,550,685)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,604,493&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>15,186&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,619,679&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Capital increases/(reduction) in associates and subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13.1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">32,283&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">32,283&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">19,190&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">51,473&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Effects of the application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,399,900&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,399,900&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,850&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,401,750&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(333,014)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(333,014)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(167,174)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(500,188)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Taxes on deemed dividends</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(11,098)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(11,098)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(11,098)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Dividends</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(151,310)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(151,310)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest on capital</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(694,639)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(694,639)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(694,639)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Share buybacks, results from treasury shares, and share-based payments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">13.2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,606,486)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,606,486)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,507&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,604,979)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Statute-barred /(additional) dividends</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,696&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,696&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,696&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At June 30, 2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>58,307,362&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>51,174,899&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>54,222,078&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>7,524,023&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(82,915,188)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>88,313,174&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>579,991&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>88,893,165&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/108% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/108% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/108% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify">The accompanying notes are an integral part of these interim consolidated
financial statements.</P>


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    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 12pt 0 0"><B><A NAME="a_005"></A>INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Avantt; margin: 0"><B>For the six and three-month periods ended June 30</B></P>

<P STYLE="font: 10pt Avantt; margin: 0">All amounts in thousands of Brazilian Reais</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; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Six-month period ended:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Three-month period ended:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Note</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2025</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2026</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Net income</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,360,243&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">6,595,215&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,474,676&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,790,566&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Adjustments:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Depreciation, amortization and impairment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,134,617&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,415,654&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,531,125&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,702,403&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Impairment losses on receivables and inventory</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">101,621&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">139,084&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">52,354&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">59,730&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Additions to/(reversals of) provisions and employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">55,628&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">199,577&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,004&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">80,482&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Net financial results</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">18</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,542,650&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,830,367&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">486,117&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">973,985&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Losses/(gains) on sales of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">16</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(62,555)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(62,078)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(34,104)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(29,488)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Losses/(gains) on sales of operations in subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(86,303)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Share-based payment expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">190,555&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">206,107&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">97,432&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">107,141&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Income tax expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">8.2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,910,424&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,680,806&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">864,510&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">629,110&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(10,671)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,738&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(11,023)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">5,457&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Hedge operations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">20.2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(116,947)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(697,456)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(177,272)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(111,485)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash flow from operating activities before changes in working capital</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>14,019,262&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>13,310,014&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>6,287,819&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>6,207,901&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(Increase)/decrease in trade and other receivables</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">662,073&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">921,343&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">689,127&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">208,739&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(Increase)/decrease in inventories</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(463,080)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(555,186)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(220,374)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">457,223&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Increase/(decrease) in trade and other payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,731,660)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(6,976,274)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,416,739)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,931,174)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash generated from operations</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>9,486,595&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>6,699,897&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>5,339,833&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3,942,689&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest paid</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(355,937)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(379,302)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(154,416)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(141,796)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest received</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">792,598&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">649,457&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">358,877&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">282,825&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Dividends received</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">112,146&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,012&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">31,031&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,459&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Income tax paid</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,163,082)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,723,052)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(863,885)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,036,137)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>7,872,320&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,254,012&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,711,440&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3,050,040&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Proceeds from sales of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">78,108&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">66,714&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">44,433&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">34,604&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Acquisitions of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,346,732)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,916,354)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(879,877)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,088,203)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Sale/(acquisition) and others related to subsidiaries, net of cash</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,952,131)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(40,213)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">64,963&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">57&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Investments in short-term debt securities and net proceeds/(acquisitions) of debt securities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(47,129)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">142,411&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(80,107)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">91,166&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Net proceeds/(acquisitions) of other assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(368)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,734&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(368)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,115&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash flow from/(used in) investing activities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(3,268,252)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,745,708)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(850,956)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(961,261)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Capital increases(reduction)/ in associates and subsidiaries</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(28,823)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">21,627&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(43,688)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,066)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Proceeds from/(buybacks of) treasury shares</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,652,614)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,831,123)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,239,153)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(774,602)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Acquisitions of non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(23)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Proceeds from borrowing</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">25,675&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">50,682&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">10,442&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">42,919&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Repayments of borrowing</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(103,317)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(91,413)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(39,800)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(42,243)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash net of finance costs other than interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,174,379)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,650,121)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(686,856)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(810,909)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Payments of lease liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(555,565)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(594,254)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(286,976)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(292,287)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Dividends and interest on capital paid</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,184,432)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(8,691,998)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,182,908)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,080,560)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash flow from/(used in) financing activities</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(5,673,455)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(12,786,623)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(4,468,939)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(3,959,748)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Net increase/(decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,069,387)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(10,278,319)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(608,455)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,870,969)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash and cash equivalents at the beginning of the period</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">18,638,228&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">28,595,666&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">17,991,875&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">19,118,354&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Effects of exchange rate fluctuations on cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(958,062)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,913,322)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(772,641)</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(843,360)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cash and cash equivalents at the end of the period</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>16,610,779&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>16,404,025&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>16,610,779&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>16,404,025&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0">The accompanying notes are an integral part of these interim consolidated financial statements.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_006"></A>1.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>CORPORATE INFORMATION</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/110% Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>1.1 Description of business</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Ambev S.A. (referred to as the &#8220;Company&#8221; or &#8220;Ambev&#8221;)
together with its subsidiaries (the &#8220;Group&#8221; or &#8220;Consolidated&#8221;), headquartered in S&atilde;o Paulo, S&atilde;o
Paulo State, Brazil, has as its corporate purpose the production and sale of beer, draft beer, soft drinks, other non-alcoholic beverages,
malt and food in general, either directly or through participation in other companies, as well as the advertising of both its own and
of third party products, the sale of promotional and advertising materials, and the direct or indirect exploitation of bars, restaurants,
snack bars and similar establishments, among others.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Avantt">The Group&#8217;s
main own brands are Brahma&reg;, Skol&reg;, Antarctica&reg;, Original&reg;, Quilmes&reg;, Andes Origen&reg;, Patricia&reg;, Pace&ntilde;a&reg;,
Huari&reg;, Pilsen&reg;, Presidente&reg;, Balboa&reg;, Guaran&aacute; Antarctica&reg; and Beats&reg; among others. The main licensed brands
by Anheuser-Busch InBev N.V. (&#8220;AB InBev&#8221;) to the Group are Budweiser&reg;, Corona&reg;, Spaten&reg;, Stella Artois&reg;, Beck&#8217;s&reg;,
Modelo&reg;, Bud Light&reg;, Busch&reg; and Michelob Ultra&reg; among others. In addition, the Company</FONT> <FONT STYLE="font-family: Work Sans; font-weight: normal">is
one of the largest independent bottlers of</FONT> <FONT STYLE="font-family: Avantt">PepsiCo in the world. The Group produces, sells and
distributes in Brazil <FONT STYLE="font-weight: normal">and in other countries in Latin America, products such as</FONT> Pepsi&reg;, H2OH!
&reg;, Lipton IceTea&reg; and the sports drink Gatorade&reg; under a license from PepsiCo. The Group also has a licensing agreement with
Red Bull&reg; and other companies to distribute of its portifolio some <FONT STYLE="font-weight: normal">sales channels and specific regions
in Brazil and other markets.</FONT></FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company&#8217;s shares and American Depositary Receipts (&#8220;ADRs&#8221;)
are listed on the Brasil, Bolsa, Balc&atilde;o S.A. (&#8220;B3&#8221;) exchange under the ticker &#8220;ABEV3&#8221; as well as on the
New York Stock Exchange (&#8220;NYSE&#8221;) under the ticker &#8220;ABEV&#8221;, respectively. The Company&#8217;s direct controlling
shareholders are Interbrew International GmbH (&#8220;ITW International&#8221;), and AmBrew S.&agrave;.r.l (&#8220;Ambrew&#8221;), both
of which are subsidiaries of AB InBev.</P>

<P STYLE="font: 11pt/110% Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>1.2 Key operating countries</B></P>

<P STYLE="font: 11pt/110% Avantt; color: #1555E5; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company operates its business
across four reportable segments based on the geographical zones shown below:</FONT><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="text-align: center; font: 11pt Avantt; color: #1555E5; margin-top: 0; margin-bottom: 0"><B>&nbsp;<IMG SRC="image_001.jpg" ALT=""></B><FONT STYLE="font-family: Avantt; font-size: 11pt; color: #1555E5"><B><BR STYLE="clear: both"></B></FONT></P>


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<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>1.3 Major corporate events in the three-month period ended June 30, 2026</B></P>

<P STYLE="font: 11pt/110% Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/110% Avantt; color: #1555E5; margin: 0; text-align: justify"><B>1.3.1 Resolution on the payment date of the second
installment of IOC December 2025</B></P>

<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify">At a meeting held on May 4, 2026, the Board of Directors approved the
payment date of the second installment of the interest on capital, the distribution of which had been approved at the Board of Directors'
meeting held on December 9, 2025 (&quot;IOC December 2025&quot;). The payment was made on July 6, 2026, in the gross amount of R$0.0755
per share, corresponding to a net amount of R$0.0642 per share of the Company, after the withholding of income tax in accordance with
applicable legislation, totaling a net amount of approximately R$1.0 billion. The record date considered at the time the distribution
was approved remained unchanged.</P>

<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Avantt; color: #1555E5; margin: 0; text-align: justify"><B>1.3.2 Distribution of IOC May 2026</B></P>

<P STYLE="font: 10pt/110% Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify">At a meeting held on May 4, 2026, the Board of Directors approved the
distribution of interest on capital in the gross amount of R$0.0449 per share, corresponding to a net amount of R$0.0370 per Company share
after withholding of income tax, in accordance with applicable legislation, totaling an aggregate gross amount of approximately R$700
million (&quot;IOC May 2026&quot;). The IOC May 2026 will not be offset against the mandatory minimum dividend for the fiscal year and
was calculated based on the profit for the period and the available balances reflected in the extraordinary balance sheet dated March
31, 2026. The distribution of the May 2026 IOC will be subject to taxation in accordance with the legislation in force. Such payment will
be made by December 31, 2026, on a date to be determined by the Company's Management, based on the shareholder position as of June 22,
2026, with respect to B3 S.A. &#8211; Brasil, Bolsa, Balc&atilde;o, and June 24, 2026, with respect to the New York Stock Exchange (NYSE),
without monetary adjustment. The Company's shares and ADRs will trade ex-IOC beginning on June 23, 2026 (including).</P>

<P STYLE="font: 10pt/110% Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/110% Avantt; color: #1555E5; margin: 0; text-align: justify"><B>1.3.3 Share Buyback Program</B></P>

<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In October 2025, the Board of Directors approved a new share buyback program
for up to 208,000,000 (two hundred and eight million) common shares issued by the Company. The main purpose of the program is the cancellation
of such shares, and any remaining shares may be held in treasury, sold and/or used in connection with the Company&#8217;s share&#45;based
compensation plans. The program is currently ongoing and, as of June 30, 2026, the Company had already acquired 171,482,300 (one hundred
seventy-one million, four hundred eighty-two thousand, three hundred) common shares, at an aggregate cost of R$2,751 million. The transactions
are being carried out through Santander Corretora de C&acirc;mbio e Valores Mobili&aacute;rios S.A.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_007"></A>2.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>BASIS OF PREPARATION AND PRESENTATION OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The interim consolidated financial statements at June 30, 2026 have been
prepared using the going concern basis of accounting and are being presented in accordance with IAS 34 &#8211; <I>Interim Financial Reporting</I>
as issued by the International Accounting Standards Board (&#8220;IASB&reg;&#8221;).</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The information does not meet all disclosure requirements for the presentation
of full annual consolidated financial statements and are disclosed with relevant information and changes in the period, without the level
of detail in certain notes previously disclosed, avoiding repetition. In Management's view the interim consolidated financial statements
provide sufficient understanding of the Company's equity position and performance during the interim period. Therefore, it should be read
in conjunction with the consolidated financial statements for the year ended December 31, 2025, prepared in accordance with International Financial
Reporting Standards (&#8220;IFRS<FONT STYLE="font-family: Avantt; font-size: 11pt">&reg;&#8221;) issued by the IASB&reg;.</font></P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The following notes are not disclosed in the interim consolidated financial
statements:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: #1555E5 1pt solid; vertical-align: bottom; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; width: 70%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Name of note in the 2025 annual financial statements</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; width: 26%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Note number</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(a)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Payroll and related benefits</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(b)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Additional information on cost of sales and operating expenses by nature</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(c)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Earnings per share</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(d)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Goodwill</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">15</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(e)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Impairment of non-financial assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">16</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(f)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Intangibles</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(g)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Trade receivables</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(h)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">24</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In addition, the material accounting policies presented in the respective
accompanying notes are not disclosed in these interim consolidated financial statements. The following notes are not in the same level
of detail presented in the annual consolidated financial statements, for the year ended December 31, 2025:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: #1555E5 1pt solid; vertical-align: bottom; width: 4%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; width: 70%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Name of note in the 2025 annual financial statements</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; width: 26%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Note</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Basis of preparation and presentation of the interim consolidated financial statements</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Summary of material accounting policies</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(c)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Use of estimates and judgments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">4</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(d)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Income tax and social contribution</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(f)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Changes in equity</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">22</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(g)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Interest-bearing loans and borrowing</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">23</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(h)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Share-based payments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(i)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Provisions, contingent liabilities and contingent asset</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">27</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(j)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Financial instruments and risks</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">(k)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt">Related parties</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt">30</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In preparing the interim consolidated financial statements, management uses
judgments, estimates and assumptions that affect the application of accounting practices and the reported amounts of assets, liabilities,
income and expenses. The relevant estimates and judgments are disclosed in note 4 - <I>Use of estimates and judgments</I>.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify">The interim consolidated financial statements <FONT STYLE="font-weight: normal">relating
to the period ended</FONT> June 30, 2026 were approved by the Executive Board of Officers on July 29, 2026.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>2.1 Functional and presentation currency</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The functional and presentation currency of the Company interim consolidated
financial statements is the Brazilian Real, which is the currency of its main economic operating environment. For presentation purposes,
the interim consolidated financial statements are presented in thousands of Brazilian Reais (&#8220;R$&#8221;), unless otherwise indicated,
and the balances are rounded to the nearest thousand.</P>


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    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>2.1.1 Exchange rates</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The most significant exchange rates used for the preparation of the Company&#8217;s
interim consolidated financial statements are as follow:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Closing rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Average rate</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Six-month period ended:</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; width: 14%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Name</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; width: 20%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Country</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12/31/2025</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>06/30/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">ARS</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Argentinian Peso&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Argentina</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0035&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0038&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0037&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0052&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">BOB</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Bolivian Peso</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Bolivia</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.5304&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.7906&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.7463&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.8378&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">CAD</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Canadian Dollar</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.6364&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.0187&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.7837&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.1210&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">CLP</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Chilean Peso</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Chile</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0056&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0061&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0058&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0060&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">GTQ</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Quetzal</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Guatemala</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.6774&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.7185&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.6786&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.7580&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">USD</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">US Dollar</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Panam&aacute;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.1766&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.5024&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.1942&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.8310&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">PYG</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Guarani</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Paraguay</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0008&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0008&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0008&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0007&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">DOP</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Dominican Peso</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Dominican Republic</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0864&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0869&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0852&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0954&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">UYU</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Uruguayan Peso</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Uruguay</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.1290&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.1409&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.1322&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.1366&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_008"></A>3.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>SUMMARY OF MATERIAL ACCOUNTING POLICIES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The accounting practices adopted by the Company are consistent for all the
years and periods presented. <FONT STYLE="color: black">There were no changes to the accounting policies or calculation methods used for
the interim consolidated financial statements at June 30, 2026 compared to those used for the consolidated financial statements for the
years ended December 31, 2025.</FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>3.1 Recently issued IFRS</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The amendments and new standards that became effective in 2026 were either
not applicable to, or did not have a material impact on, these interim separate and consolidated financial statements, as summarized below.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 34%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Standard</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: top; width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Effective date</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 52%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Highlights</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">IFRS 9 and IFRS 7 &#8211; <I>Classify and Measurement of Financial Instruments</I></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify"><FONT STYLE="background-color: white">January 1, 2026</FONT></P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 8pt; background-color: white">The changes clarify the criteria for the classification and measurement of financial assets and liabilities, with an emphasis on the assessment of the contractual cash flows characteristics and the entity's business model. In addition, they enhance disclosure requirements, aiming to increase transparency regarding significant judgments, financial risks, and the impacts arising from the classification and measurement of financial instruments.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The following is the main change in accounting standard that, based on Management's
assessment, will have an impact on the Company's disclosures in subsequent periods.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Beyond the above, the Company does not anticipate that any other standards
or amendments to IFRS&reg; standards or IFRIC&reg; interpretations that have not yet come into force could have a material impact on the
Group's financial statements. The Company has not opted for the early adoption of any standards.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>3.1.1 IFRS 18 - Presentation and Disclosure in Financial
Statements</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In April 2024, the IASB issued IFRS 18 <I>Presentation and Disclosures in
Financial Statements</I>, which replaces IAS 1 and introduces new requirements aimed at improving the comparability of financial performance
reporting and enhancing the transparency of the information provided to users. IFRS 18 is effective for annual reporting periods beginning
on or after 1 January 2027, with early adoption permitted. The standard is required to be applied retrospectively.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">While IFRS 18 does not affect the recognition or measurement of assets, liabilities,
income or expenses, it&#8217;s expected to have a significant impact on the presentation of the primary financial statements and the related
disclosures. IFRS 18 introduces new requirements to:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Univers 45 Light, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">present specified categories in the statement of profit
or loss, including the introduction of new operating, investing and financing categories, as well as defined subtotals;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Univers 45 Light, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">require disclosures of management-defined performance
measures (MPMs) in the notes to the financial statements; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Univers 45 Light, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">strengthen the principles of aggregation and disaggregation
across primary financial statements and the notes.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The company anticipates that the adoption of the standard will primarily
affect the presentation of the statement of profit or loss and the statement of cash flows, the disclosure of management performance measures,
and the structure of the related notes.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The company does not intend to early adopt IFRS 18 and is currently in the
process of assessing and preparing for the impacts arising from its application to the individual and consolidated financial statements.
The Company has assessed that the main change in presentation will be the reclassification of foreign exchange gains and losses and gains
and losses on certain hedging instruments from &#8220;financial income and expenses,&#8221; as presented under IAS 1, to &#8220;operating
profit,&#8221; as required under IFRS 18, when the underlying exposure measured or hedged is related to operating activities.</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_009"></A>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>USE OF ESTIMATES AND JUDGMENTS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The preparation of interim consolidated financial statements in compliance
with IFRS requires Management to make use of judgments, estimates and assumptions that affect both the application of accounting practices
and the reported amounts of assets and liabilities, income and expenses. The estimates and significant judgment are based on past experience
and on other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments
regarding the carrying amounts of assets and liabilities that cannot readily be determined based on other sources. The actual results
achieved may differ from these estimates.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Such estimates and assumptions are reviewed on a regular basis. Changes in
accounting estimates may affect the results for the period during which they are realized, or for future periods.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The impairment test is performed annually considering the most accurate estimates
calculated by Management. The Company&#8217;s Management has not identified any relevant indications of impairment in the six-month period
ended June 30, 2026.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The accounting policy which reflects significant estimates and judgments
used in the preparation of these interim consolidated financial statements for the six-month period ended June 30, 2026 has not changed
from those valid on December 31, 2025.</P>

<P STYLE="font: 12pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>




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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_010"></A>5.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>5.1 Cash and equivalents</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></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: 59%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 21%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 20%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">178,984&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">33,360&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Current bank accounts</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">5,370,798&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,824,261&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 7.5pt Avantt">Short-term bank deposits&nbsp;</FONT><FONT STYLE="font: normal 9.5pt Avantt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">11,060,997&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">10,780,607&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Net cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>16,610,779&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>18,638,228&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) The balance refers mostly to Bank Deposit Certificates (&#8220;CDBs&#8221;)
and highly liquid short-term deposits, which are readily convertible into known amounts of cash and are subject to an insignificant risk
of changes in value.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Effective January 2026, the Company ceased to consolidate its subsidiary
in Cuba and started to account for as an associate using the equity method, in line with the application of the consolidation criteria
under applicable accounting standards. As a result, the cash and cash equivalents balances of this investee are no longer included in
the consolidated financial statements from that date. This effect is reflected in the line &#8220;Sale/(acquisition) and others related
to subsidiaries, net of cash&#8221; in the Statements of Cash Flows.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The cash and cash equivalents balance include the amount of R$1,558,242 at
June 30, 2026 (R$4,070,595 in December 31, 2025), in the consolidated financial statements, which is not freely remittable to the Parent
Company. As of June 30, 2026, such restriction arises from the unavailability of foreign currency in Bolivia, although the funds remain
available for use in the local operations of the respective subsidiary. As of December 31, 2025, the restricted balance also included
amounts related to the operation in Cuba, totaling R$2,017,094.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>5.2 Investment securities</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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; width: 64%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 18%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 18%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Financial assets at fair value through profit or loss</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,735,617&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,667,391&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 7.5pt Avantt">Investments in debt securities&nbsp;</FONT><FONT STYLE="font: normal 9.5pt Avantt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">14,301&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,735,617&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,681,692&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Investments in debt securities</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">78,088&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">123,256&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>78,088&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>123,256&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,813,705&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,804,948&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) The balance refers substantially to financial investments linked to tax
incentives that are not immediately convertible into a known amount of cash.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_011"></A>6.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>INVENTORIES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt 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="white-space: nowrap; width: 65%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 18%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Finished goods&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,779,028&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,218,469&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Work in progress</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">723,599&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">619,904&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Raw materials and consumables</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,841,567&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,297,699&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Spare parts and others</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">887,341&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">865,375&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Inventory in transit and prepayments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">284,500&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">629,705&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Impairment losses</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(99,954)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(111,062)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,416,081&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,520,090&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0">The changes in impairment losses on inventory are as follow:</P>

<P STYLE="font: 11pt 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: 69%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Balance at the end of the previous year</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(111,062)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(141,046)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Effects of cumulative translation adjustments (CTA)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,300&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,911&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt">Restructuring of subsidiaries&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,432&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,007&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(71,639)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(195,476)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Write-offs/reversal of provisions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">70,015&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">214,542&nbsp;</FONT></TD></TR>

  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 69%; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Balance at the end of the period</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 16%; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(99,954)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 15%; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(111,062)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/115% Avantt; margin: 0; text-align: justify">(i) Effect related to the deconsolidation of balance sheet amounts, including
the sale of a subsidiary.</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt; color: #1555E5"><B><A NAME="a_012"></A>7.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt; color: #1555E5"><B>RECOVERABLE TAXES</B></FONT><B><FONT STYLE="font-family: Avantt"><BR>

</FONT></B></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: 58%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 21%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 21%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt">Exclusion of ICMS from PIS/COFINS&nbsp;<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">177,998&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">436,593&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">PIS/COFINS</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">180,963&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">143,553&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">ICMS</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">453,945&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">407,345&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">IPI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">112,146&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">120,665&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Income tax and social contributions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,713,929&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,480,759&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">38,584&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">34,464&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,677,565&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,623,379&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt">Exclusion of ICMS from PIS/COFINS&nbsp;<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,363,094&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7,118,090&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">PIS/COFINS</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,835&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">28,315&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">ICMS</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">296,336&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">320,380&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Income tax and social contributions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,280,017&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,455,452&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">198,153&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">226,903&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,143,435&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,149,140&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12,821,000&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>13,772,519&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) Over the past few years, as previously disclosed, the Company has recognized
PIS/COFINS credits arising from the exclusion of ICMS, including in the form of tax substitution, from the calculation bases of these
contributions. These tax credits were recorded against the recoverable taxes in the balance sheet, in the PIS/COFINS &#8211; ICMS exclusion
line, as shown in the table above. The amounts that have not yet been offset substantially refer to tax credits from <I>Regime Especial
de Tributa&ccedil;&atilde;o de Bebidas Frias</I> (&#8220;REFRI&#8221;), for the period from 2009 to 2015, in relation to which the lawsuit
is currently in the final expert evaluation phase.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_013"></A>8.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>INCOME TAX AND SOCIAL CONTRIBUTION</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>8.1 Deferred income tax and social contribution</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The amounts of deferred income tax and social contribution for each type
of temporary difference are as shown below:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 38%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Investment securities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,857&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,857&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6,842&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6,842&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Intangibles</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,832,916)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,832,916)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,836,483)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,836,483)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">797,700&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">797,700&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">786,297&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">786,297&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Trade payables</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,919,938&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,727)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,917,211&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,462,227&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,135)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,460,092&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Trade receivables</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">95,062&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,637)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">92,425&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,513&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(11,018)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,505)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">55,273&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(165,598)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(110,325)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">64,997&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(171,696)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(106,699)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,191&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,191&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,649&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,649&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">336,403&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(176,825)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">159,578&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">390,446&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(120,188)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">270,258&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,075,186&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,965,639)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(890,453)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,092,185&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,951,498)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(859,313)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Withholding tax on undistributed profits and royalties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,754,521)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,754,521)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,136,201)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,136,201)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">340&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(383,678)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(383,338)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(383,678)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(383,678)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest on capital</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">530,352&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">530,352&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 7pt Avantt">Tax losses carried forward&nbsp;</FONT><FONT STYLE="font: normal 9pt Avantt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,846,564&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,846,564&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,715,493&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,715,493&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Provisions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,429,899&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(18,609)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,411,290&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,606,370&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(553)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,605,817&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Complement of income tax of foreign subsidiaries due in Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(108,739)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(108,739)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Impact of IFRS 16 (Leases)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,757&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(82,161)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(77,404)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,861&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(78,249)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(75,388)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exclusion of ICMS from PIS/COFINS calculation basis</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(8,093)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(8,093)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(82,550)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(82,550)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other items</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">174,472&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(234,171)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(59,699)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">286,065&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(163,554)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">122,511&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross deferred tax assets/(liabilities)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11,278,994&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(6,736,314)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,542,680&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11,429,945&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(6,937,803)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,492,142&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Netting by taxable entity</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,879,743)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,879,743&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,025,533)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,025,533&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net deferred tax assets/(liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8,399,251&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(3,856,571)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,542,680&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8,404,412&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(3,912,270)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,492,142&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) Historically, tax authorities have offset tax losses ex-officio in administrative
proceedings in which the Company and some of its subsidiaries are involved, resulting in an accumulated offset of R$314,817. This amount
is included in the tax credits recognized under the line of tax losses carried forward. As of June 30, 2026, the amount remained unchanged
since there were no new ex-officio offsets during the period. The contingencies in question have a probability of a possible loss.</P>


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

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>8.1.1 Realization of deferred taxes</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">At June 30, 2026, the deferred tax assets and liabilities expected to be
utilized/settled, <FONT STYLE="color: black">not related to tax losses,</FONT> are: (i) <FONT STYLE="color: black">to be realized until
12 months R$</FONT>1,435,794<FONT STYLE="color: black">; and (ii) to be realized after 12 months R$</FONT>(739,678)<FONT STYLE="color: black">.</FONT></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>8.1.2 Net change in deferred taxes</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The net change in deferred income tax and social contribution is as follows:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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="border-bottom: #1555E5 1.5pt solid; width: 83%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>At December 31, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,492,142&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; padding-left: 23.9pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Investment hedges &#8211; obligations related to the acquisition of a non&#45;controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,003)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-left: 23.9pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Cash flow hedge &#8211; gains/(losses)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">16,708&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 23.9pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Gains/(losses) on cumulative translation adjustments [CTA]&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(286,199)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Recognized in other comprehensive income</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(271,494)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Recognized in the income statement</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>535,438&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Changes recognized directly in the balance sheet</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(213,406)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Recognized in deferred tax</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(216,844)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-left: 23.9pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Effects of the application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(216,844)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Recognized in the other balance sheet group</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,438&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>At June 30, 2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,542,680&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>8.1.3 Deferred tax assets related to tax losses</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Beyond </FONT>the tax credits related to
tax losses effectively recognized as part of the amounts disclosed above, there are other tax credits related to tax losses that were
not recorded in the balance sheets due to their low expectations of realization, based on Management&#8217;s assessment. At June 30, 2026,
the accumulated balance of these credits represented R$858,030 <FONT STYLE="font-weight: normal">in taxable value </FONT>(R$991,549 in
December 31, 2025) <FONT STYLE="font-weight: normal">equivalent</FONT> to a taxable basis of R$3,252,253 in June 30, 2026 (R$3,788,686
in December 31, 2025).</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Additionally, tax credits related to tax losses recorded in the Brazilian
ECF (Tax Accounting Bookkeeping), for the purpose of calculating Taxation on a worldwide basis, ceased to be recognized, resulting in
a principal amount of R$4,639,964 as of June 30, 2026 (R$5,289,511 as of December 31, 2025).</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>8.2 Income tax and social contribution</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0">The income taxes reported in the income statement are broken down as follows:</P>

<P STYLE="font: 11pt 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="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Six-month period ended:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Three-month period ended:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Income tax expenses &#8211; current</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(2,445,862)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(2,308,051)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,084,057)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,151,428)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Deferred tax expenses on temporary differences</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">404,367&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">357,979&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">187,830&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">219,863&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Deferred tax on taxes loss carryforward movements in the current period</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">131,071&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">269,266&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">31,717&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">302,455&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total deferred tax (expenses)/income</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>535,438&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>627,245&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>219,547&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>522,318&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total income tax expenses</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,910,424)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,680,806)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(864,510)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(629,110)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>


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    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The reconciliation between the weighted nominal tax rate and the effective
tax rate is summarized below:</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="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Six-month period ended:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Three-month period ended:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 53%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 11%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>9,270,667&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>8,276,021&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,339,186&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,419,676&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Adjustments to the taxable basis</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other non-taxable income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(326,500)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(330,312)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(180,471)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(167,700)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Government grants related to taxes on sales</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(211,709)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(193,898)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(106,741)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(96,892)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(10,671)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,738&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(11,023)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,457&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Non-deductible expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">307,592&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">305,269&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">220,233&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">64,652&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Taxation on a universal basis and other adjustments related to foreign subsidiaries</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">388,054&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,993&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">215,822&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">70,225&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>9,417,433&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>8,064,811&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>4,477,006&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,295,418&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Aggregated weighted nominal tax rate</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">29.88%</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">27.58%</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">29.95%</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">27.50%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Taxes payable &#8211; nominal rate&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(2,813,575)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(2,224,133)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,340,970)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(906,137)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Adjustments to tax expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Income tax incentives</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">200,824&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">108,140&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">80,128&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">64,506&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Deductible interest on capital</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">766,529&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">594,714&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">358,816&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">272,071&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Tax savings arising from the amortization of goodwill</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,793&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,793&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">897&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">897&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Withholding income tax</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(130,994)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(103,527)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(21,214)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(59,831)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Recognition/(write-off) of deferred charges on tax losses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(34,989)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(45,454)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(38,125)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(17,648)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Effects of the application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">44,781&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(27,941)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">39,041&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(19,717)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other tax adjustments</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">55,207&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">15,602&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">56,917&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">36,749&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Income tax and social contribution expense</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,910,424)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,680,806)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(864,510)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(629,110)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Effective tax rate</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>20.61%</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>20.31%</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>19.92%</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>18.40%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The main events that impacted the effective tax rate for the period were:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Other non-taxable income: it refers mainly to the revenues arising from
monetary updates (Selic) on tax credits. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Government grants related to taxes on sales: these represent regional
incentives and economic development policies, primarily related to local production to generate economic and social impact. Before the
advent of Federal Law No. 14,789/2023, those grants were not subject to income tax and social contribution</FONT><B>. </B><FONT STYLE="font-family: Avantt; font-weight: normal">In
this regarding</FONT><FONT STYLE="font-family: Avantt">, since August 2024 companies in the group have obtained favorable decisions, in
effect since then, exempting them from collecting IRPJ and CSLL on amounts determined as government grants related to tax benefits deemed
as ICMS presumed credits<I>.</I></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Non-deductible expenses: primarily refer to the additional costs incurred
in acquiring foreign currency in certain jurisdictions where the Group operates, used mainly for the remittance of earnings to the parent
companies.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Taxation on a universal basis and other adjustments related to foreign
subsidiaries: the additional income taxes due in Brazil on the income of foreign-controlled entities, in accordance with Law No. 12,973/2014.
It also includes local permanent adjustments to foreign companies consolidated within the group, as well as the effects arising from some
of these companies having a functional currency that differs from the currency used for tax calculations.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Income tax incentives: it refers to tax incentives related to income
tax granted by the Brazilian Federal Government to promote regional development in certain areas of the North and Northeast of the country
and to the PAT (&#8220;Programa de Alimenta&ccedil;&atilde;o do Trabalhador&#8221;). These incentives are recorded in the results on an
accruals basis and allocated to fiscal incentives reserve, as per item (13.3.1) &quot;Tax incentives&quot; within note 13 &#8211; <I>Changes
in equity</I>.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Withholding income tax: this balance is related to tax due on
                                                                                                          dividends to be distributed by subsidiaries located outside of Brazil under local tax legislation. The recorded amounts in 2026 are mainly related to withholding tax calculated on profits earned
in 2026 and to exchange differences on deferred income tax related to the undistributed profits of subsidiaries.</FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Deductible interest on capital (&#8220;IOC&#8221;): under Brazilian
law, companies have an option to remunerate their shareholders through the payment of IOC, which is deductible for income tax purposes.
The amount of IOC is impacted by the taxable result, net income reserves of the Company and by the long-term interest rate (&#8220;TJLP&#8221;).
These remunerations are deductible for income tax purposes. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 13.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Effects of the application of IAS 29 (hyperinflation): the Company&#8217;s
subsidiary in Argentina operates in a hyperinflationary economy thus subject to the monetary correction of its non-financial assets and
liabilities, its equity and its statement of income, which may impact the consolidated effective tax rate, implying variation between
periods.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 13.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_014"></A>9.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>PROPERTY, PLANT AND EQUIPMENT</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></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: 49%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 26%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 25%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>12/31/2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black">23,015,548&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black">24,617,947&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black">Right of use assets</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black">2,628,661&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black">3,026,370&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>25,644,209&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>27,644,317&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>9.1 <FONT STYLE="background-color: white">Changes in the carrying amount of
property, plant, and equipment</FONT></B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></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="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 18%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cumulative translation adjustments (CTA)</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Effects of the application of IAS 29 (hyperinflation)</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Acquisitions&nbsp;</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Disposals and write-offs</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Transfers&nbsp;</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font: normal 7.5pt Avantt"><B>Subsidiary Restructuring&nbsp;</B></FONT><B><FONT STYLE="font: normal 9.5pt Avantt"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At December 31, 2025</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Acquisition cost</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 5%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Land and buildings</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>11,129,846&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,089,380)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">411,668&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">12,150&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(463,596)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(45,497)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">754,751&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(118,667)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>10,591,275&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">16,710,784&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(6,119,509)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">10,591,275&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Plant and equipment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12,555,289&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,085,314)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">358,182&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">375,785&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(3,756,473)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(23,935)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,997,705&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(134,001)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>11,287,238&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">47,729,517&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(36,442,279)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">11,287,238&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Fixtures and accessories</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>927,840&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(60,495)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">12,817&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">113,453&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(476,269)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(8,377)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">385,549&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(5,448)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>889,070&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,896,162&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,007,092)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">889,070&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Under construction</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,521,564&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(181,846)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">63,867&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,613,877&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,175,390)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">8,292&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,850,364&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,850,364&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,850,364&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>27,134,539&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,417,035)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>846,534&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,115,265&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(4,696,338)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(77,809)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(37,385)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(249,824)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>24,617,947&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>74,186,827&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(49,568,880)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>24,617,947&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></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="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying amount&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 18%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At December 31, 2025</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cumulative translation adjustments (CTA)</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Effects of the application of IAS 29 (hyperinflation)</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Acquisitions&nbsp;</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Disposals and write-offs</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Transfers&nbsp;</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font: normal 7.5pt Avantt"><B>Subsidiary Restructuring&nbsp;</B></FONT><B><FONT STYLE="font: normal 9.5pt Avantt"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At June 30, 2026</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Acquisition cost</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 5%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Land and buildings</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>10,591,275&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(410,915)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">288,280&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">240&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(242,485)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(3,553)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">266,860&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(60,571)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>10,429,131&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">16,605,281&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(6,176,150)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">10,429,131&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Plant and equipment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>11,287,238&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(391,014)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">189,034&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">101,784&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,660,173)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(8,305)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,132,874&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(42,242)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>10,609,196&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">47,540,513&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(36,931,317)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">10,609,196&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Fixtures and accessories</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>889,070&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(38,177)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,217&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">61,535&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(225,183)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(3,289)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">304,012&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(5,167)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>986,018&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,823,616&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(6,837,598)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">986,018&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Under construction</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,850,364&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(42,551)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">16,771&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">974,084&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,793,093)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(14,372)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>991,203&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">991,203&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">991,203&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>24,617,947&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(882,657)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>497,302&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,137,643&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,127,841)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(15,147)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(89,347)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(122,352)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>23,015,548&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>72,960,613&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(49,945,065)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>23,015,548&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0">(i) Effect related to the deconsolidation of balance sheet amounts, including the sale of a subsidiary.</P>


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<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Avantt; color: #1555E5; margin: 0"><B>9.2 <FONT STYLE="background-color: white">Changes in the carrying amount
of right-of-use assets</FONT></B></P>

<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify">&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="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 20%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cumulative translation adjustments (CTA)</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Effects of the application of IAS 29 (hyperinflation)</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Additions</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Write-offs</B></FONT></TD>
    <TD STYLE="width: 4%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Transfers&nbsp;</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font: normal 7.5pt Avantt"><B>Subsidiary Restructuring&nbsp;</B></FONT><B><FONT STYLE="font: normal 9.5pt Avantt"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At December 31, 2025</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Acquisition cost</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Buildings</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,235,289&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(55,594)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">7,484&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">697,595&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(463,235)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,135)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(35,656)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(649)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,384,099&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,764,191&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,380,092)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,384,099&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Machinery, equipment and vehicles</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,726,325&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(20,933)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">608&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">781,748&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(740,263)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(212,813)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">22,944&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,557,616&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,487,363&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,929,747)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,557,616&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Others</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>74,041&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,666)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,779&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">73,990&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(60,318)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(447)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,276&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>84,655&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">277,870&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(193,215)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">84,655&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3,035,655&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(84,193)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>10,871&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,553,333&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,263,816)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(214,395)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(10,436)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(649)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3,026,370&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>8,529,424&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(5,503,054)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3,026,370&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify">&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="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying amount</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 23%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At December 31, 2025</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cumulative translation adjustments (CTA)</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Effects of the application of IAS 29 (hyperinflation)</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Additions</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Write-offs</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Subsidiary Restructuring (i)</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>At June 30, 2026</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Acquisition cost</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Buildings</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,384,099&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(27,172)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,521&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">154,305&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(224,069)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(246)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,288,438&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,797,573&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,509,135)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,288,438&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Machinery, equipment and vehicles</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,557,616&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(9,590)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(316)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">167,795&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(384,733)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(116,930)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,294)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,211,548&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">4,507,590&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(3,296,042)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,211,548&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Others</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>84,655&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,686)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,455&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">83,377&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(30,003)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,732)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(391)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>128,675&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">340,943&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(212,268)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">128,675&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3,026,370&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(39,448)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,660&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>405,477&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(638,805)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(124,908)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,685)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,628,661&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>8,646,106&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(6,017,445)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,628,661&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0">(i) Effect related to the deconsolidation of balance sheet amounts, including the sale of a subsidiary.&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 22 -->
    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_015"></A>10.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>TRADE PAYABLES</B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 30%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 35%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 35%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">19,540,986&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">22,596,092&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Related parties</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,184,208&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,146,743&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>20,725,194&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>23,742,835&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Trade payables</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">89,753&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">67,682&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Related parties</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">148,819&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">245,277&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>238,572&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>312,959&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>20,963,766&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>24,055,794&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The present value adjustment related to the obligations recorded in trade
payables, at June 30, 2026 is R$273,040 million (R$243,031 million at December 31, 2025).</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The subsidiaries in Argentina, Chile, and Panama have discount transactions
of endorsed trade bills (trade payables securitization) with vendors in the amount of R$131,226 million at June 30, 2026 (R$20,247 million
at December 31, 2025). In general, such discount transactions occur due to legal requirements existing in these jurisdictions. These transactions
retain their commercial characteristics, as there are no changes to the previously agreed conditions (amount, terms, or counterparty),
and it is the vendor&#8217;s discretion to anticipate its receivables. Therefore, these transactions do not result in any additional obligations
for the Company.</P>

<P STYLE="font: 12pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_016"></A>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>INTEREST-BEARING LOANS AND BORROWING</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></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: 49%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 25%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 26%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Secured bank loans</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">17,580&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">18,831&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other secured loans</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">117,001&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">135,510&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Lease liabilities</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">939,021&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,012,984&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,073,602&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,167,325&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Secured bank loans</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">63,291&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">80,870&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other secured loans</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">164,367&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">176,067&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Lease liabilities</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,647,700&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,962,662&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,875,358&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,219,599&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,948,960&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,386,924&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Additional information regarding the exposure of the Company to interest
rates, foreign currency risk and debt repayment schedule is disclosed in Note 20 - <I>Financial instruments and risks</I>.</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>11.1 Contractual clauses (covenants)</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 10pt; text-align: justify">At June 30, 2026, at December 31, 2025, and up to the date of issuance
of these consolidated financial statements, no events of default, breaches of covenants, or significant contractual changes occurred that
would result in changes to the payment terms of loan and financing agreements.</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>11.2 Leasing contracts regarding the term and discount
rate (Brazil)</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company estimated the discount
rates based on the risk-free interest rates observable in the Brazilian market over the terms of its contracts, adjusted to its</FONT>
specific circumstances <FONT STYLE="font-weight: normal">(i.e. the credit 'spreads'). These spreads are based on surveys conducted with
financial institutions. The table below </FONT>presents the <FONT STYLE="font-weight: normal">weighted average rates applied, considering
the terms of the existing contracts:</FONT></P>

<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>
    <TD STYLE="border-right: white 1.5pt solid; width: 38%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 31%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-left: white 1.5pt solid; vertical-align: bottom; width: 31%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Rate %</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Lease Term</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 1.5pt solid; border-left: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">&nbsp;2026 - 2030&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">12.50%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">12.23%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">&nbsp;2031 - 2040&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">13.18%</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">12.94%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/110% Avantt; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_017"></A>12.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company and its subsidiaries are involved in administrative and judicial
proceedings and arbitrations arising from the normal course of business. The assessment of the likelihood of loss, carried out by the
Company with the support of its legal advisors, considers the likelihood of the Company position being accepted at the end of the proceedings,
considering the applicable legislation, the case law on the subject and the existing evidence. Due to their nature, these proceedings
involve inherent uncertainties, including, but not limited to, decisions by courts and tribunals agreements between the parties involved
and governmental actions and, as a result, Management cannot, at this stage, estimate the precise timing to conclude such proceedings.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>12.1 Provisions</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The lawsuits considered probable of loss are fully provisioned, under the
terms of IAS 37 - <I>Provisions, Contingent Liabilities and Contingent Assets</I>, <FONT STYLE="font-weight: normal; color: #141414">and
have a tax, civil or labor nature. Cases are considered </FONT>likelihood <FONT STYLE="font-weight: normal; color: #141414">of loss when
there is established or binding case law unfavorable to the position defended by the Company and its subsidiaries, or, in the case of
factual or evidentiary disputes, when the Company and its subsidiaries do not have the necessary and sufficient evidence to prove the
claimed right.</FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>12.1.1 Main lawsuits with a probable likelihood of loss</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #1555E5"><B>Taxes on sales:</B></FONT> in Brazil, the
Company and its subsidiaries are parties to various administrative and judicial proceedings related to ICMS, IPI, PIS and COFINS taxes,
considered as probable likelihood of loss. Such proceedings include, among others, tax offsetting, appropriation of tax credits and alleged
insufficient payment of the respective taxes.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #1555E5"><B>Labor:</B></FONT> the Company and its subsidiaries
are parties to labor <FONT STYLE="font-weight: normal">lawsuits considered likely to result in loss, involving former </FONT>employees,
<FONT STYLE="font-weight: normal">including those from outsourced service providers.</FONT> The main issues involve overtime and related
effects and respective charges.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #1555E5"><B>Civil:</B></FONT> the Company and its subsidiaries
are involved in civil proceedings considered as representing a probable likelihood of loss. The most relevant portion of these lawsuits
was filed by former distributors, mainly in Brazil, mostly claiming damages resulting from the termination of their contracts with the
Company.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/13pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #1555E5"><B>Other taxes:</B></FONT> refer to provisions
for lawsuits concerning taxes unrelated to sales or income taxation. The uncertain tax treatments related to income taxes with a likelihood
of probable loss have their value reported directly in the income tax and social contribution payable line, as per IFRIC 23 - <I>Uncertainty
on the Treatment of Income Taxes</I>.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>12.1.2 Provisions changes </B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 37%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 14%; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Tax on sales</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 8%; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Labor</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 8%; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Civil</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 12%; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Other taxes</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 10%; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font: normal 7.5pt Avantt"><B>Restructuring&nbsp;</B></FONT><B><FONT STYLE="font: normal 9.5pt Avantt"><SUP>(i)</SUP></FONT></B></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 11%; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>325,906&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>195,110&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>372,021&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>214,206&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,572&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,111,815&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">CTA effect</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,955)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,372)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,435)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(301)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(17,063)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Constituted provisions</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">423,011&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">285,111&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">273,018&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">275,282&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">23,348&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,279,770&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Consumed provisions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(129,832)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(211,490)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(165,833)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(42,501)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(22,511)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(572,167)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Reversed provisions</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(93,989)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(49,884)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(174,778)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(34,649)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(353,300)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at December 31, 2025</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>525,096&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>216,892&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>297,056&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>404,903&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>5,108&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,449,055&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">CTA effect</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(862)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,145)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,191)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(322)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,520)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Constituted provisions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">48,921&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">129,990&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">27,589&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">44,195&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,096&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">252,791&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Consumed provisions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(60,973)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(79,746)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(10,544)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,856)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(6,322)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(159,441)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Reversed provisions</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(106,092)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(43,696)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(17,467)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(885)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(168,140)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at June 30, 2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>406,952&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>222,578&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>295,489&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>444,166&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>560&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,369,745&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify"><BR>
(i) Restructuring provisions mainly relate to organizational improvements, right&#45;sizing and the Group&#8217;s digitalization efforts.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>12.1.3 Expected settlement of provisions</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></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; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>12/31/2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; width: 35%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 10%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black">Tax on sales</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">197,633&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">209,319&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">406,952&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">124,282&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">400,814&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">525,096&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black">Labor</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">114,022&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">108,556&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">222,578&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">99,389&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">117,503&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">216,892&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black">Civil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">84,977&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">210,512&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">295,489&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">81,425&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">215,631&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">297,056&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black">Other taxes</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">264,967&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">179,199&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">444,166&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">261,161&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">143,742&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">404,903&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>Total provision for disputes and litigation</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>661,599&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>707,586&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>1,369,185&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>566,257&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>877,690&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>1,443,947&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt; color: black">Restructuring&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal; color: black"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">560&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">560&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">5,108&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">5,108&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>Total provisions</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>662,159&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>707,586&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>1,369,745&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>571,365&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>877,690&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>1,449,055&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Avantt; margin: 0">(i) Restructuring provisions mainly relate to organizational improvements, right&#45;sizing and
the Group&#8217;s digitalization efforts.</P>

<P STYLE="font: 8pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The expected settlement of provisions was based on Management&#8217;s best
estimate, in line with their internal and external legal advisors&#8217; assessments, at the consolidated balance sheet date.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>12.2 Contingencies</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company and its subsidiaries maintain administrative and judicial disputes
with fiscal authorities in Brazil related to certain tax positions adopted when calculating the income tax and social contribution, which,
based on Management&#8217;s current evaluation, probably are going to be accepted in superior court decisions of last instance, <FONT STYLE="background-color: white">considering
the regular compliance with tax laws, case law, and evidence produced, </FONT>in line with IFRIC 23 - <I>Uncertainty over Income Tax Treatments</I>.
The Group is also part on tax proceedings related to other taxes, which involve possible loss risk, according to Management's assessment.
To these uncertain tax treatments and possible contingencies there are no constituted provision, due to the likelihood of loss assessment
carried out. Such proceedings represent the following estimates.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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; width: 50%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 25%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 25%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Income tax and social contribution</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">78,000,854&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">72,201,276&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Value-added and excise duties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">29,577,012&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">28,810,054&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">PIS and COFINS</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,947,187&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,876,543&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Others</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,669,580&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,046,204&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>113,194,633&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>105,934,077&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Contingencies with a remote risk of loss are not disclosed, as the possibility
of any settlement is remote, in accordance with IAS 37 - <I>Provisions, Contingent Liabilities and Contingent Assets</I>.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company and its subsidiaries have guarantee-insurance bonds and letters
of guarantee for some legal proceedings, presented as guarantees on civil, labor and tax lawsuits.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>12.2.1 Main contingencies with a possible risk of loss</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/108% Avantt; margin: 0; text-align: justify">The changes in the amount of contingencies reported relate mainly to
the increase resulting from monetary restatement. In addition, the main process classified with a possible loss probability, which relevant
changed between December 31, 2025 and June 30, 2026, are summarized in the table below, along with their respective estimated values involved
in the cases.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: #1555E5 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt solid; border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify"><B>Uncertainty over the treatment of income taxes</B></P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify"><B>In accordance with IFRIC 23 (note 8.1 - <I>Income tax and social contribution</I>)</B></P></TD>
    <TD COLSPAN="2" STYLE="border-top: #1555E5 1pt solid; vertical-align: bottom; border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: right"><B>Estimates </B></P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: right"><B>(in million of Brazilian Reais)</B></P></TD></TR>
  <TR>
    <TD STYLE="border-right: #1555E5 1pt solid; vertical-align: top; width: 4%; border-bottom: #1555E5 1pt solid; border-left: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>#</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; vertical-align: top; width: 70%; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Description of the main processes</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; vertical-align: bottom; width: 13%; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; vertical-align: bottom; width: 13%; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; border-left: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify"><B>Deductibility of IOC expenses</B></P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">During the 2013 fiscal year, as approved in a General Meeting, the Company
    implemented a corporate restructuring aimed at simplifying its structure and unifying its share classes, among other objectives. One of
    the steps of this restructuring involved the exchange of shares and subsequent incorporation of the shares of its subsidiary Companhia
    de Bebidas das Am&eacute;ricas into Ambev S.A. As a consequence of this operation, Ambev S.A. recognized in its accounting records the
    counterpart of the difference between the value of its shares issued for this exchange and the book value of the subsidiary's shares in
    equity, in accordance with IFRS 10 <I>- Consolidated Financial Statements</I>, under the item &quot;adjustments to equity&quot;.</P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">As a result of this restructuring, since 2019, Ambev has been receiving
    tax assessments from the Brazilian Federal Tax Authorities (&#8220;RFB&#8221;) related to the interest on capital (&#8220;IOC&#8221;)
    deduction for calendar years 2014 to 2021. The assessments refer primarily to the accounting and corporate effects of the restructuring
    carried out by Ambev in 2013 and its impact on the increase in the deductibility of IOC expenses.</P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: black">In all cases Ambev obtained partially favorable
    decisions at the first-level administrative court and filed appeals to the Lower Administrative Court. The appeals related to tax assessments
    involving calendar years 2014 and 2017 to 2021 await judgment by the CARF. The favorable portion of the decisions rendered by the first-level
    administrative court in these cases is subject to mandatory review by the CARF as well. With respect to the tax assessment involving calendar
    years 2015 and 2016, in May 2024 the company obtained an unfavorable decision on the merits under discussion, but favorable as it relates
    to the fines charged by the tax authorities, as the court decision cancelled the qualified penalties charged. In December 2024, the favorable
    portion of the decision became final, and the Company appealed the unfavorable portion to CARF.</FONT> In October 2025, the Company was
    notified of CARF&#8217;s unfavorable decision and, with respect to the main merits of the discussion, appealed to the Upper Administrative
    Court (&#8220;CSRF&#8221;) which awaits analysis. For a portion of the discussion relating to calendar year 2015 that became final at
    the administrative level, the Company appealed to the judicial courts. In December 2025, the Company obtained an unfavorable decision
    at the first level judicial court that did not analyze the merits of this portion of the discussion based on the understanding that it
    was dependent on the result of the main merits that is still pending at the administrative level. The Company will continue to discuss
    at the judicial level<FONT STYLE="color: black">. <B>In April 2026, the Upper Administrative Court (&#8220;CSRF&#8221;) did not accept
    the appeal regarding the main merits of the tax assessment and the Company filed a lawsuit to have the matter decided at the judicial
    level.</B> The updated assessed value of this uncertain tax treatment, in accordance with IFRIC 23, is approximately <B>R$32.8 billion
    as of June 30, 2026</B> (R$30.8 billion as of December 31, 2025). Due to the assessment of the likelihood of loss, no provision was made
    in the period.</FONT></P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">This uncertain tax treatment, according to IFRIC 23, continued to be applied
    by Ambev and affected subsequent calendar years to those assessed (2022 and 2023), during which the Company also distributed IOC and deducted
    them from the taxable base of its Income Tax. Therefore, if the deductibility of IOC is also questioned in the future, on the same basis
    and with the same grounds as the tax assessments mentioned, the Company estimates that the outcome of these potential new discussions
    would be consistent with the period already assessed. In December 2023, Provisional Measure 1,185, of August 2023, was converted into
    a law (No. 14,789/2023), which changes the basis for calculating Interest on Capital as of January 1, 2024, making this uncertain tax
    treatment limited to Interest on Capital calculated in accordance with legislation in force before the aforementioned law effective date.</P></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>32,786</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: right"><B>30,782</B></P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: right"><B>&nbsp;</B></P></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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: top">
    <TD STYLE="border: #1555E5 1pt solid; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1pt solid; width: 70%; border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify"><B>Disallowance of tax paid abroad</B></P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">Since 2014, the Company has been receiving tax assessments, relating to
    calendar years from 2007 onwards, which disallow the use of foreign tax credits relating to income tax paid abroad by its controlled companies.
    The Company is challenging these assessments in the administrative and judicial courts. In November 2019, a final favorable decision was
    issued by CARF canceling the assessment regarding one of the cases, covering the calendar year 2010. For cases involving calendar years
    2015 and 2016, the Company received unfavorable decisions, in the administrative level, in three out of four cases. The Company filed
    a lawsuit to discuss the matter and awaits a decision by the first level judicial court. In July 2024, CARF rendered a favorable decision
    to the Company in one case related to the 2012 calendar year, in march of 2026, such decision became final, resulting in the full cancellation
    of the assessment. In 2024, CARF also issued an unfavorable decision regarding evidentiary procedural requirements in a separate case
    involving the same matter for the 2012 tax year, and the Company filed a judicial action, which is currently awaiting a first-instance
    ruling. In January 2025, the Company received additional tax assessments related to the 2019 tax year and submitted administrative defenses,
    which were denied by the first-level administrative court in September 2025. The Company subsequently filed the corresponding voluntary
    appeals with CARF. <B>In 2026, the Company received additional tax assessments related to the 2018, 2020 and 2023 tax years and filed
    administrative defenses which are currently awaiting judgment</B>. With respect to proceedings relating to the remaining tax years, the
    Company is awaiting decisions at both the administrative and judicial levels. Additionally, tax assessments were issued imposing isolated
    penalties due to the alleged failure to make monthly IRPJ and CSLL payments as a result of the utilization of foreign tax credits arising
    from income taxes paid by foreign subsidiaries for the 2015 to 2020 tax years. The assessments relating to the 2015 to 2019 tax years
    were reviewed by CARF, which rendered unfavorable decisions for the Company, except for the assessment related to the 2017 tax year, for
    which a favorable decision was issued. None of these decisions is final, and both the Company and the tax authorities have filed appeals
    with the Superior Chamber of Tax Appeals (&#8220;CSRF&#8221;).</P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify"><B>In June 2026, the Company received an unfavorable at the first-level
    administrative court related to the 2020 tax case and intends to file an appeal with CARF.</B></P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">The updated assessed value of this uncertain tax treatment, in accordance
    with IFRIC 23 - Uncertainty over Income Tax Treatments, is approximately <B>R$23.6 billion as of June 30, 2026</B> (R$19.1 billion as
    of December 31, 2025), and, due to the assessment of the likelihood of loss, no provision was made in the period. This uncertain tax treatment,
    according to IFRIC, regarding income tax credits paid abroad, continued to be applied by the Company and impacted subsequent calendar
    years to those assessed (2021-2025). If new questions arise in the future, on the same basis and with the same grounds as the tax assessments
    mentioned, the Company estimates that the outcome of these potential new discussions would be consistent with the periods already assessed.</P></TD>
    <TD STYLE="border-top: #1555E5 1pt solid; width: 13%; border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>23,622</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1pt solid; width: 13%; border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>19,091</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; border-left: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify"><B>Foreign Earnings</B></P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">Since 2005, the Company and some of its subsidiaries have been subject to
    tax assessments filed by the RFB relating to the taxation in Brazil of profits earned by subsidiaries domiciled abroad under various arguments.
    The Company is challenging these assessments in the administrative and judicial courts.</P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">In 2022 and 2023, CARF rendered favorable and partially favorable decisions
    to the Company, related to 2012 and 2014 calendar year. The decisions cancelled part of the disputed tax assessments, recognizing the
    validity of the methodology adopted by the Company with respect to the taxation of foreign profits and the goodwill amortization by foreign
    subsidiaries. Part of these decisions became final, representing the cancellation of the related tax contingency in the approximate amount
    1.0 billion Brazilian real as of 30 September 2024. In August 2024 Ambev received a partially favorable decision from the first-level
    administrative court with respect to a tax assessment related to the 2018 calendar year. Both Ambev and the tax authorities filed appeals
    and the case awaits decision by CARF. In November 2024, Ambev received a new tax assessment relating to the taxation of foreign profits
    for calendar year 2019 and filed a defense, the outcome of which was partially favorable to the Company. The Company filed an appeal to
    CARF which is awaiting judgment. <B>In December 2025, the Company received a new tax assessment relating to calendar year 2020 and filed
    the defense with the first-level administrative court. In June 2026, the first-level administrative court issued a partially favorable
    decision to the Company. This decision is not final, and both the Company and the tax authorities have filed appeals with CARF.</B></P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">In the judicial proceedings, Ambev has received favorable injunctions that
    suspend the enforceability of the tax credits, as well as favorable first-level decisions. Part of these decisions were confirmed by the
    second-level judicial courts and other reverted. All these second-level judicial court decisions are not final and were subject to appeal
    by the Company and the tax authorities, as the case may be, and can be reviewed by the Superior Court of Justice.</P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">The updated amount of this uncertain tax treatment, in accordance with IFRIC
    23, already assessed, is approximately R$7.1 billion as of June 30, 2026 (R$8.0 billion as of December 31, 2025).</P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">This uncertain tax treatment, according to IFRIC 23, continued to be applied
    by the Company and impacted subsequent calendar years to those assessed (2021-2025). If new inquiries arise in the future, on the same
    basis and with the same grounds as the tax assessments mentioned, the Company estimates that the outcome of these eventual new discussions
    would be consistent with the periods already assessed.</P></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>7,083</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>7,996</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: #1555E5 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt solid; border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Indirect taxes</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #1555E5 1pt solid; vertical-align: bottom; border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: right"><B>Estimates </B></P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: right"><B>(in million of Brazilian Reais)</B></P></TD></TR>
  <TR>
    <TD STYLE="border-right: #1555E5 1pt solid; vertical-align: top; width: 3%; border-bottom: #1555E5 1pt solid; border-left: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>#</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; vertical-align: top; width: 71%; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Description of the main process</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; vertical-align: bottom; width: 13%; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; vertical-align: bottom; width: 13%; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; border-left: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify"><B>Social contributions &#8211; Other Credits</B></P>
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Avantt">In 2022, Ambev received
    a tax assessment and administrative decisions challenging the offsetting regarding certain PIS/COFINS&#8217; credits. The tax authorities
    primarily argue that (i) certain credits claimed by Ambev are unrelated to the production proceedings and (ii) Ambev has not adequately
    demonstrated its right to utilize such credits. The assessment was challenged at the administrative level and after a partially favorable
    judgment, Ambev filed an appeal with CARF, which resulted in the proceeding being remanded for tax expert examination <B>in September
    2024</B>. <B>In March 2026, the Lower Administrative Court (CARF) issued a partially favorable decision in the taxpayer&#8217;s appeal.
    While certain relevant matters were decided in favor of the company, the main issues were ruled against the taxpayer by a tie</B></FONT><B><FONT STYLE="font-family: Cambria Math,serif">&#45;</FONT><FONT STYLE="font-family: Avantt">vote.
    This decision is not final, as the written decision is still pending formal notice and may be subject to review by the Upper Administrative
    Court. </FONT></B><FONT STYLE="font-family: Avantt">The Company estimates that the updated amount classified as a possible loss related
    to these proceedings is approximately <B>R$642.0 million</B> as of June 30, 2026 (R$615.1 million as of December 31, 2025).</FONT></P></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>642</B></FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>615</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>12.2.2 Tax Proceeding Initiated by the Group&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company is also a party on other tax
proceedings in which it is the plaintiff and discusses the possibility of recovering or avoiding the payment of taxes that, in the Administration's
view, lack constitutional and/or legal support for their enforcement. As disclosed on the accounting policy, the Company does not recognize
contingent assets in its financial statements. If the inflow of economic benefits becomes probable, based on a forecast assessment conducted
by external legal advisors in conjunction with the internal assessment of the Administration, the Company discloses the contingent asset.
When the inflow of economic benefits becomes virtually certain, such as when a final judgment is rendered in the case and the gain can
be reliably estimated, the asset is no longer contingent, and the Company recognizes it in the financial statements in period in which
the estimate has changes.</FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The contingent assets with relevant changes until June 30, 2026, are summarized
in the table below.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: #1555E5 1pt solid; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>#</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1pt solid; width: 96%; border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Description of the main processes</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; border-left: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1</FONT></TD>
    <TD STYLE="border-right: #1555E5 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify"><B>Federal taxation on VAT Incentives</B></P>
    <P STYLE="font: 7.5pt Avantt; margin: 0; text-align: justify">After the enactment of Law No. 14,789, effective as of Jan 1<SUP>st</SUP>,
    2024, the VAT incentives deemed as &#8220;government grants for investment&#8221;, began being taxed for IRPJ/CSLL and PIS/COFINS purposes.
    With that respect, Ambev and some of its subsidiaries in Brazil have filled their own legal procedures to challenge the legal aspects
    of the newly enacted Law. <B>During 2024 and 2025, some of the companies obtained favorable judicial decisions related to VAT Incentives
    deemed as ICMS presumed credits which relief them, from the calculation periods starting after each decision was issued, from taxing IRPJ/CSLL
    and PIS/COFINS,</B> having those decisions amounted to, until June 30, 2026, the accumulated amounts of R$244 million and R$700 million,
    respectively.</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_018"></A>13.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>CHANGES IN EQUITY</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>13.1 Issued capital</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">At June 30, 2026, the authorized and issued capital, fully subscribed and
paid in, amounting to R$58,307,362 (R$58,275,696 in June 30, 2025) was composed of 15,763,665 common shares (15,761,639 in June 30, 2025),
book entry, registered, and with no par value, distributed as follows:</P>

<P STYLE="font: 11pt 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="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 34%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Shareholder</B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Thousands of common shares</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Thousands of common shares</B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Interbrew International GmbH</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8,441,666&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">53.56%</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8,441,666&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">53.56%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Ambrew S.A.R.L.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,287,715&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8.17%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,287,700&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">8.17%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Funda&ccedil;&atilde;o Zerrenner</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,609,987&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10.21%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,609,987&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10.21%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Market (free float)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,113,427&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">26.08%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,252,857&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">26.98%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Treasury shares</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">310,870&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1.97%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">169,429&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1.07%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>15,763,665&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>100.00%</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>15,761,639&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>100.00%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt 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="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 34%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Thousands of common shares</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Thousands of Real</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Thousands of common shares</B></FONT></TD>
    <TD STYLE="width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Thousands of Real</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Opening balance</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>15,761,639&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>58,275,079&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>15,757,657&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>58,226,036&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt">Capital increase&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,026&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">32,283&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,982&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">49,660&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Balance at the end of the period</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>15,763,665&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>58,307,362&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>15,761,639&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>58,275,696&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt/115% Avantt; margin: 0">(i) Capital increase related to the issue of shares, under Company&#8217;s share-based payment
programs.</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>13.2 Capital reserves</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Capital Reserves&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Treasury shares&nbsp;</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Share Premium&nbsp;</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Other capital reserves&nbsp;</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Share-based Payments&nbsp;</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>&nbsp;Total&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at January 1, 2025</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,332,743)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,662,811&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>700,898&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,305,444&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>55,336,410&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Share buybacks, results from treasury shares, and share-based payments</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,740,750)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">72,094&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,668,656)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(3,073,493)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,662,811&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>700,898&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,377,538&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,667,754&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Capital Reserves&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Treasury shares&nbsp;</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Share Premium&nbsp;</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Other capital reserves&nbsp;</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Share-based Payments&nbsp;</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>&nbsp;Total&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at January 1, 2026</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,947,613)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,662,811&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>700,898&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,365,289&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,781,385&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Share buybacks, results from treasury shares, and share-based payments</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,662,781)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">56,295&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,606,486)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at June 30, 2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(5,610,394)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,662,811&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>700,898&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,421,584&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>51,174,899&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>13.2.1 Share buyback and treasury shares results</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Treasury shares represent the Company&#8217;s own issued shares that have
been repurchased by the Company. The results of treasury shares refer to gains and losses arising from share-based payment transactions
and others related items. The changes in treasury shares are as follow:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Acquisition/(realization of shares)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Results from treasury shares</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total treasury shares</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 37%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of shares</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of Brazilian Reais</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of shares</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of Brazilian Reais</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at January 1, 2025</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>29,807&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(365,626)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(967,117)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,332,743)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Share Buyback</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">146,902&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,831,124)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,831,124)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Share-Based Payment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,280)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">84,294&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">84,294&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Results from shares</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">6,080&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">6,080&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at June 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>169,429&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,112,456)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(961,037)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(3,073,493)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Acquisition/(realization of shares)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Results from treasury shares</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total treasury shares</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of shares</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of Brazilian Reais</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of shares</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Thousands of Brazilian Reais</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at January 1, 2026</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>145,113&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,836,585)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,111,028)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,947,613)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Share Buyback</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">171,482&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,751,334)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,751,334)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Share-Based Payment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(5,725)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">70,257&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">70,257&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Results from shares</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">18,296&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">18,296&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at June 30, 2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>310,871&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(4,517,662)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,092,732)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(5,610,394)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>13.3 Net income reserves</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Profit reserves</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 40%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Investment reserve&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Legal reserve&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>&nbsp;Fiscal incentives</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Balance at January 1, 2025</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>36,125,152&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,456&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>17,507,411&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,637,019&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Fiscal incentives reserve&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(496,600)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(496,600)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Balance at June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>35,628,552&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,456&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>17,507,411&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>53,140,419&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Profit reserves</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 40%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Investment reserve&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Legal reserve&nbsp;</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>&nbsp;Fiscal incentives</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Balance at January 1, 2026</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>36,337,370&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,456&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>17,880,252&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>54,222,078&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Balance at June 30, 2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>36,337,370&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>4,456&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>17,880,252&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>54,222,078&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">There was no change in profit reserves in the first quarter of 2026.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>13.3.1 Tax incentives</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The tax incentives recognized by the Company in its net equity, under profit
reserves, relate to industrial development programs that aim at the fostering of employment generation, increasing of regional decentralization,
in addition to complementing and diversifying the industrial bases of some regions and states in Brazil. In these states, the grace periods
and incentive terms are set out in normative acts issued by the respective states, and when there are conditions for obtaining these grants,
they are under the Company&#8217;s control. The tax treatment of States incentives complies with the provisions of current federal, state,
and municipal legislation, particularly Complementary Federal Law No. 160/2017 and CONFAZ Agreement No. 190/2017. Following the revocation
of Article 30 of Federal Law No. 12,973/14 by Federal Law No. 14,789/23, the state tax incentives in the form of presumed ICMS credits
have ceased to be allocated to the tax incentive reserve, starting from 2024. The other federal and state tax incentives continue to be
recognized as reserve.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>13.3.2 Interest on capital/dividends</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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="border-bottom: #1555E5 1.5pt solid; width: 24%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Event</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Approval</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 20%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Type</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Date of payment</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Year</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Type of share</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Amount per share</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total amount</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Board of Directors&#8217; Meeting</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">05/04/2026</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest on capital</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">until 12/31/2026</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2026</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">ON</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">0.0449</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">694,639&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>694,639&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 10pt; text-align: justify"><U>Distribution of Interest on Capital (IOC) &#8211; May 2026 Resolution</U>:&nbsp;At
a meeting held on May 4, 2026, the Board of Directors approved the distribution of interest on capital (&quot;IOC&quot;), in the gross
amount of R$0.0449 per Company share, corresponding to a net amount of R$0.0370 per share after withholding income tax in accordance with
applicable legislation (&quot;May 2026 IOC&quot;). The May 2026 IOC will not be offset against the mandatory minimum dividend for the
fiscal year and was calculated based on the profit for the period and the available balances reflected in the interim balance sheet as
of March 31, 2026. The distribution of the May 2026 IOC will be subject to taxation in accordance with the applicable legislation. The
payment will be made by December 31, 2026, on a date to be determined by the Company's Management.</P>


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<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>13.4 Carrying value adjustments</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 42%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Translation reserves</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B><I>Cash flow hedge</I></B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Actuarial gains/ (losses)</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Gains/(losses) of non-controlling interest&#8217;s share</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Other movements</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Business combination</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Accounting adjustments for transactions between shareholders</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at January 1, 2025</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>6,121,951&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,248,882&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(602,521)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>74,007&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(94,246)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>156,091&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(75,461,490)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(68,557,326)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) on cumulative translation adjustments [CTA]</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,030,017)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,030,017)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash flow hedges</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,346,338)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,346,338)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,000)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,000)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total comprehensive income&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(7,030,017)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,346,338)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,000)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(8,377,355)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) of controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,825&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,825&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Taxes on deemed dividends</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,196)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,196)</FONT></TD></TR>
  <TR STYLE="border-top: #1555E5 1.5pt solid;vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(908,066)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(97,456)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(603,521)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>75,832&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(98,442)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>156,091&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(75,461,490)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(76,937,052)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying value adjustments</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; white-space: nowrap; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 42%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Translation reserves</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B><I>Cash flow hedge</I></B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Actuarial gains/ (losses)</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Gains/(losses) of non-controlling interest&#8217;s share</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Other movements</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Business combination</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Accounting adjustments for transactions between shareholders</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at January 1, 2026</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,713,332)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>350,639&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(614,411)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>85,732&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(155,909)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>156,091&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(75,473,313)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(78,364,503)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><I>Comprehensive income:</I></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Gains/(losses) on cumulative translation adjustment [CTA]</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,500,708)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,500,708)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash flow hedges</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(50,818)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(50,818)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Actuarial gains/(losses)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">841&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">841&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total comprehensive income&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(4,500,708)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(50,818)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>841&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(4,550,685)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at June 30, 2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(7,214,040)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>299,821&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(613,570)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>85,732&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(155,909)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>156,091&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(75,473,313)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(82,915,188)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_019"></A>14.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>SEGMENT REPORTING</B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt">(a)</FONT></TD><TD><FONT STYLE="font-family: Avantt">Reportable segments six-month period ended on June 30,:</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; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>CAC</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Latin America &#8211; South</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 9%; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 8%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 8%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net sales</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">25,106,203&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">23,276,147&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,562,724&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,441,498&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,262,259&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,831,284&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,682,213&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,038,643&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">42,613,399&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">42,587,572&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Cost of sales</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(12,341,105)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(11,588,020)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,945,074)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,502,219)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,358,991)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,777,639)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,936,877)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,123,977)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(20,582,047)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(20,991,855)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12,765,098&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11,688,127&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,617,650&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,939,279&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,903,268&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,053,645&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,745,336&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,914,666&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>22,031,352&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>21,595,717&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Distribution expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,117,838)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,031,349)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(400,676)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(444,846)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,150,267)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,128,412)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(801,158)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(852,435)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,469,939)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,457,042)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,617,952)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,404,919)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(336,860)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(382,630)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(798,912)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(873,188)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(583,821)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(582,096)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,337,545)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,242,833)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,932,535)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,819,957)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(178,291)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(237,761)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(408,548)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(485,450)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(272,673)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(372,026)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,792,047)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,915,194)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,345,623&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,175,584&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(12,860)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,900)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">21,024&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16,382&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,401&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,987&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,365,188&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,201,053&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10,981)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(17,299)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">79,833&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,824)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(61,119)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(34,397)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,096)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(16,055)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,637&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(72,575)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,431,415&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,590,187&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,768,796&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,866,318&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,505,446&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,548,580&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,096,989&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,104,041&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,802,646&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,109,126&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net financial results</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,542,650)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,830,367)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">10,671&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,738)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9,270,667&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8,276,021&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax expenses</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,910,424)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,680,806)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net income</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>7,360,243&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,595,215&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Acquisitions of property, plant and equipment</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">869,691&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,402,121&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">189,531&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">188,337&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">190,421&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">233,738&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">97,089&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">92,158&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,346,732&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,916,354&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 32 -->
    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0">(continued)</P>

<P STYLE="font: 11pt 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="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>CAC</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Latin America &#8211; South</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 9%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12/31/2025</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12/31/2025</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12/31/2025</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12/31/2025</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 8%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; width: 8%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Segment assets</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">58,131,130&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">58,539,954&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">12,761,234&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">14,331,925&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">21,720,333&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">23,344,458&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,760,765&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16,783,598&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">108,373,462&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">112,999,935&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Inter-segment eliminations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,799,149)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,067,549)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 7pt Avantt">Non-segmented assets&nbsp;</FONT><FONT STYLE="font: normal 8pt Avantt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">32,634,696&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">35,154,763&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>138,209,009&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>145,087,149&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Segment liabilities</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">30,346,807&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">32,120,900&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,954,343&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,297,547&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,847,950&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,078,599&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,139,655&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,260,622&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">42,288,755&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">48,757,668&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Inter-segment eliminations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,799,152)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,067,548)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 7pt Avantt">Non-segmented liabilities&nbsp;</FONT><FONT STYLE="font: normal 8pt Avantt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">98,719,406&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">99,397,029&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>138,209,009&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>145,087,149&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) <FONT STYLE="color: black; background-color: white">The balance of non-segmented
assets refers mainly to cash and cash equivalents, taxes, and investments. The balance of non-segmented liabilities refers primarily to
equity, taxes and derivatives.</FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Non-current assets attributed to Brazil (the Company&#8217;s country of domicile)
and to Canada <FONT STYLE="color: black; background-color: white">amounted to</FONT> R$44,087,910 and R$13,272,445, respectively, at June
30, 2026 (R$44,994,052 and R$14,793,973, respectively, at December 31, 2025. Net revenue attributable to the Company's operations in Argentina
totaled R$3,700,968 for the six-month period ended June 30, 2026 (R$4,394,929 as of June 30, 2025), and the segmented non-current assets
related to the same country totaled R$10,473,102 for the same period ended June 30, 2026 (R$9,916,672 as of December 31, 2025).</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>


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    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt">(b)</FONT></TD><TD><FONT STYLE="font-family: Avantt">Reportable segments &#8211; three-month period ended on June 30,:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt 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="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>CAC</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Latin America &#8211; South</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 29%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: White 1.5pt solid; border-bottom: rgb(21,85,229) 1.5pt solid; width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 8%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net sales</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,851,595&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,020,777&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,317,478&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,784,574&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,226,155&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,295,172&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,753,691&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,989,671&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,148,919&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,090,194&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Cost of sales</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,782,949)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,596,371)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(967,798)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,244,640)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,822,322)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,943,746)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,127,365)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,261,366)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(9,700,434)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10,046,123)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,068,646&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,424,406&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,349,680&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,539,934&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,403,833&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,351,426&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,626,326&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,728,305&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,448,485&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,044,071&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Distribution expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,534,725)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,452,275)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(204,213)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(221,114)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(512,852)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(456,678)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(446,075)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(450,280)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,697,865)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,580,347)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,445,561)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,273,405)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(165,742)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(193,938)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(389,150)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(375,472)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(334,937)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(330,091)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,335,390)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,172,906)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(958,192)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(908,143)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(81,665)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(124,208)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(180,742)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(214,674)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(111,266)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(179,322)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,331,865)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,426,347)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">768,936&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">590,325&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(17,197)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(11,478)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,685&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,557&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6,742&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,451&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">762,166&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">585,855&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,145)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(7,598)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,352)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,311)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(20,658)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(25,244)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,096)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(16,055)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(31,251)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(51,208)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,893,959&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,373,310&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>877,511&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>986,885&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>304,116&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>283,915&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>738,694&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>755,008&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,814,280&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,399,118&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net financial results</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(486,117)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(973,985)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,023&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,457)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,339,186&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,419,676&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax expenses</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(864,510)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(629,110)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net income</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,474,676&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,790,566&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Avantt">(c)</FONT></TD><TD><FONT STYLE="font-family: Avantt">Additional information &#8211; by business unit &#8211; six and three-month periods ended on June
30,:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>six-month period ended June 30:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>three-month period ended June 30:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Brazil</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Beer</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; border-left: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>NAB</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; border-left: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Beer</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; border-left: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>NAB</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; border-left: white 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 26%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; vertical-align: bottom; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: White 1.5pt solid; border-bottom: rgb(21,85,229) 1.5pt solid; vertical-align: bottom; width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; vertical-align: bottom; width: 6%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; vertical-align: bottom; width: 6%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; vertical-align: bottom; width: 7%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; vertical-align: bottom; width: 6%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: White 1.5pt solid; border-bottom: rgb(21,85,229) 1.5pt solid; vertical-align: bottom; width: 6%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; vertical-align: bottom; width: 5%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; vertical-align: bottom; width: 5%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; vertical-align: bottom; width: 6%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-right: white 1.5pt solid; vertical-align: bottom; width: 6%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net sales</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,751,091&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">18,990,371&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,355,112&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,285,776&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">25,106,203&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">23,276,147&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">9,791,089&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,989,614&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,060,506&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,031,163&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,851,595&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,020,777&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Cost of sales</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10,046,928)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(9,120,785)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,294,177)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,467,235)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(12,341,105)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(11,588,020)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,694,942)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,413,494)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,088,007)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,182,877)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,782,949)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,596,371)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,704,163&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9,869,586&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,060,935&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,818,541&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12,765,098&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11,688,127&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,096,147&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,576,120&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>972,499&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>848,286&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,068,646&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,424,406&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Distribution expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,467,776)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,360,410)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(650,062)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(670,939)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,117,838)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,031,349)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,219,107)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,138,921)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(315,618)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(313,354)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,534,725)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,452,275)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,371,927)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,188,943)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(246,025)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(215,976)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,617,952)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,404,919)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,307,021)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,157,287)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(138,540)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(116,118)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,445,561)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,273,405)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,708,589)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,593,956)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(223,946)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(226,001)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,932,535)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,819,957)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(855,043)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(794,596)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(103,149)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(113,547)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(958,192)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(908,143)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,128,868&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">920,614&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">216,755&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">254,970&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,345,623&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,175,584&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">657,202&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">459,781&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">111,734&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">130,544&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">768,936&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">590,325&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10,981)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(17,299)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10,981)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(17,299)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,145)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(7,598)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,145)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(7,598)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,273,758&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,629,592&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,157,657&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>960,595&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,431,415&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,590,187&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,367,033&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,937,499&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>526,926&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>435,811&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,893,959&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,373,310&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net financial results</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,081,707)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(972,154)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(300,542)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(469,695)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,943)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,771)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,591)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,457)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income before income tax</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,346,765&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,615,262&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,590,826&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,898,158&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax expenses</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(729,383)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(290,019)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(321,412)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(93,000)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net income</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,617,382&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,325,243&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,269,414&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,805,158&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 35 -->
    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt; font-size: 12pt"><B><A NAME="a_020"></A>15.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt; font-size: 12pt"><B>NET SALES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In accordance with Brazilian Federal Law No 6,404/76, the Company discloses
the reconciliation between gross and net sales presented in the consolidated statement of profit or loss. The revenue figures by operational
segment are disclosed in Note 14 &#8211; <I>Segment reporting</I>.</P>

<P STYLE="font: 12pt Avantt; margin: 0; text-align: justify">&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; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Six-month period ended:</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Three-month period ended:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD>
    <TD STYLE="width: 6%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Gross sales</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">63,482,185&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">63,301,087&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">29,848,776&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">29,647,661&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Excise duty</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(13,546,975)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(13,187,360)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(6,421,938)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(6,247,115)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Discounts</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(7,321,811)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(7,526,155)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(3,277,919)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(3,310,352)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>42,613,399&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>42,587,572&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>20,148,919&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>20,090,194&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">At June 30, 2026 the Company recognized R$866,383 in tax incentives (R$735,523
at June 30, 2025). These amounts represent government grants in the nature of effective tax collection, which were recognized in the operating
net revenue.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_021"></A>16.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>OTHER OPERATING INCOME/(EXPENSES)</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></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; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Six-month period ended:</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Three-month period ended:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 14%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Government grants and subsidized loan gains</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">971,991&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">873,196&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">453,127&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">416,571&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">(Additions to)/reversals of provisions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,009&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(74,772)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">11,822&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(7,751)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Gains/(losses) on disposals of property, plant and equipment, intangible assets and investments of associates</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">62,555&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">62,078&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">34,104&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">29,488&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other operating income/(expenses), net</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">325,633&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">340,551&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">263,113&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">147,547&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,365,188&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,201,053&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>762,166&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>585,855&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/13pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt; font-size: 12pt"><B><A NAME="a_022"></A>17.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt; font-size: 12pt"><B>EXCEPTIONAL ITEMS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Avantt; margin: 0"><B>&nbsp;</B></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; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Six-month period ended:</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Three-month period ended:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 14%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt">Restructuring&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(80,666)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(72,575)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(31,251)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(51,208)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt">Subsidiary Restructuring&nbsp;<SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">86,303&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="border-top: #1555E5 1.5pt solid;vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>5,637&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(72,575)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(31,251)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(51,208)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) The restructuring expenses primarily relate to organizational realignments
resulting from the Group&#8217;s operational improvements, resizing initiatives and digitalization efforts.</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0">(ii) Effect related to the deconsolidation of balance sheet amounts.</P>


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    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_023"></A>18.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>FINANCIAL RESULTS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></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="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Six-month period ended:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Three-month period ended:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>06/30/2025</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>06/30/2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Finance income</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Income from cash and cash equivalents</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">698,167&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">591,566&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">355,677&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">249,477&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Income from debt securities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">132,549&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">80,568&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">67,039&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">45,649&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 7.5pt Avantt">Income from other receivables&nbsp;</FONT><FONT STYLE="font: normal 9.5pt Avantt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">365,180&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">389,506&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">206,589&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">202,327&nbsp;</FONT></TD></TR>
  <TR STYLE="border-top: #1555E5 1.5pt solid;vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total finance income</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,195,896&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,061,640&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>629,305&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>497,453&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Finance expenses</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest on accounts payable present value adjustment</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(647,420)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(545,470)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(336,111)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(273,316)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest on bank debts and tax incentives</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(87,098)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(87,602)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(41,075)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(43,320)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest on provisions for disputes and litigation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(62,892)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(87,911)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(12,585)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(35,604)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest on leases</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(140,900)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(121,559)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(68,674)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(63,685)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest on pension plans</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(58,237)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(55,226)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(27,511)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(27,405)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 7.5pt Avantt">Other interest expenses&nbsp;</FONT><FONT STYLE="font: normal 9.5pt Avantt"><SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(198,794)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(256,445)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(93,715)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(124,567)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 7.5pt Avantt">Losses on hedging instruments&nbsp;</FONT><FONT STYLE="font: normal 9.5pt Avantt"><SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(704,831)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(554,679)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(167,196)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(276,288)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Taxes on financial transactions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(105,843)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(119,809)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(51,068)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(50,829)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Bank guarantee expenses and surety bond premiums</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(185,897)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(170,407)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(113,754)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(101,231)</FONT></TD></TR>
  <TR STYLE="border-top: #1555E5 1.5pt solid;vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total finance expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,191,912)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,999,108)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(911,689)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(996,245)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Effects of the application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">28,335&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(26,227)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">17,513&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(28,420)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 7.5pt Avantt">Exchange differences, net&nbsp;</FONT><FONT STYLE="font: normal 9.5pt Avantt"><SUP>(iv)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(447,272)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,015,386)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(141,182)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(527,465)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 7.5pt Avantt">Other financial income/(expenses)&nbsp;</FONT><FONT STYLE="font: normal 9.5pt Avantt"><SUP>(v)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(127,697)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">148,714&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(80,064)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">80,692&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Other financial results, net</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(546,634)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(892,899)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(203,733)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(475,193)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Net financial results</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,542,650)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,830,367)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(486,117)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(973,985)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) Refers mainly to monetary adjustments on taxes to be recovered.</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(ii) Includes, among others, interest related to the financing of tax payments
under the 2017 Special Tax Regularization Program (&#8220;PERT&#8221;).</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(iii) Refers to the forward element, which may be separated and excluded from
the designation of a financial instrument as a hedging instrument, in accordance with IFRS 9- <I>Financial Instruments</I>.</P>

<P STYLE="font: 8pt/108% Avantt; color: #0D0D0D; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(iv) In some jurisdictions where the Group operates, there are additional
costs associated with acquiring foreign currency, used for payments to some suppliers as well as for the remittance of earnings to the
parent companies.</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(v) As from the fourth quarter of 2025, the other financial income and other
financial expense lines, which had previously been presented separately, began to be consolidated into the line item &#8220;Other financial
results, net&#8221;. The same presentation has been applied on a comparative basis.</P>

<P STYLE="font: 8pt/108% Avantt; color: #0D0D0D; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Interest expenses are presented net of the effects of derivative financial
instruments used to hedge the Company&#8217;s interest rate risk (see also Note 20- <I>Financial instruments and risks</I>).</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_024"></A>19.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>SHARE-BASED PAYMENTS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Currently, the Company has two share-based payment programs: (i) the Stock
Option Plan, approved at the Extraordinary General Meeting held on July 30, 2013 (the &#8220;Stock Option Plan&#8221;); and (ii) the Share-based
Plan approved at the Extraordinary General Meeting of April 29, 2016, as amended at the Extraordinary General Meeting held on April 24,
2020 (&#8220;Share-Based Plan&#8221;). Each plan may periodically issue different programs stock options, restricted stock units (RSUs)
and performance stock units (PSUs). These programs allow employees and members of senior management members, as nominated by the Board
of Directors and the People Committee, to acquire shares of the Company through the exercise of stock options or to receive shares directly.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>




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<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>19.1 Share-Based Plan</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">During the six-month period, the Company granted 9,138 thousand restricted
and performance shares under the Share-Based Plan (15,146 thousand in June 30, 2025), representing a fair value of approximately R$136,265
in June 30, 2026 (R$185,063 in June 30, 2025).</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The total number of shares granted to employees under the Share-Based Plan,
which will be delivered in the future upon the fulfilment of certain conditions, is presented below:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>Restricted and performance stock units</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 70%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>Thousand restricted shares</I></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; width: 14%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; width: 14%; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Restricted and performance stocks outstanding at January</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>100,828&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>120,417&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">New restricted and performance stocks during the period</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">9,138&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">15,146&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Restricted and performance stocks vested during the period</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(8,697)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(10,692)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Restricted and performance stocks forfeited during the period</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(4,350)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(4,184)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Restricted and performance stocks outstanding at the end of the period</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>96,919&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>120,687&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>19.2 Options Plan</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Stock options have neither been granted nor
exercised during the periods ended June 30, 2026, and </FONT>June 30, 2025<FONT STYLE="font-size: 11pt">. The total number of outstanding
stock options is as follows:</FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 70%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>Thousand options</I></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; width: 14%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; width: 14%; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Options outstanding at January 1</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>60,191&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>72,466&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Options exercised during the period</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(818)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Options forfeited during the period</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(2,224)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(937)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Options outstanding at the end of the period</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>57,149&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>71,529&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In June 30, 2026, the exercise prices of the outstanding options ranged
from R$16.34 (R$16.34 at June 30, 2025) to R$22.40 (R$22.40 at June 30, 2025), and the remaining exercise period for these options
is up to 41 months. Of the 57,149 thousand outstanding options (71,529 thousand at June 30, 2025), 57,149 thousand options were
vested as of June 30, 2026 (71,529 thousand at June 30, 2025).</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The weighted average exercise price of the options is as follows:</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 70%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>In R$ per share</I></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; width: 14%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; width: 14%; border-right: white 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Options outstanding on January 1</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>18.91&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>18.26&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Options forfeited during the period</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">18.39&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">18.23&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Options exercised during the period</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">16.34&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Options outstanding at the end of the period</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">18.60&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">19.44&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Options exercisable at the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>18.60&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>19.44&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company carries out periodic share buybacks when necessary to meet demand
for shares to be delivered under the plans mentioned above.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>19.3 Expenses related to share-based payments</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The share-based payments transactions described above generated an expense
of R$190,555 on June 30, 2026 (R$208,730 on June 30, 2025), which was recorded under administrative expenses.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>




<!-- Field: Page; Sequence: 38 -->
    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_025"></A>20.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>FINANCIAL INSTRUMENTS AND RISKS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>20.1 Categories of financial instruments</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The financial instruments held by the Company and its subsidiaries are managed
based on operational strategies and internal controls designed to assure liquidity, profitability, and security in transaction. Transactions
involving financial instruments are regularly reviewed to assess the effectiveness of the risk exposures that management intends to cover
(including foreign exchange, and interest rate risk, among others).</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The table below presents the consolidated financial instruments recognized
in the financial statements, classified by category:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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="border-bottom: #1555E5 1.5pt solid; width: 60%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>&nbsp;Financial instrument items&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 7%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>&nbsp;Note&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Assets</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Cash and cash equivalents&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">5.1</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">16,610,779&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">18,638,228&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Trade receivables excluding prepaid expenses&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">8,842,124&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">8,987,257&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Investment securities&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">5.2</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">78,088&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">137,557&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>25,530,991&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>27,763,042&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Fair value through profit or loss</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Investment securities&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">5.2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,735,617&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,667,391&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Derivatives hedges&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">20.2</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">636,635&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">778,116&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,372,252&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,445,507&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>27,903,243&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>30,208,549&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Trade payables</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">10</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">20,963,766&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">24,055,794&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Interest-bearing loans and borrowing</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">11</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,948,960&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,386,924&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other liabilities</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,439,741&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,473,785&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>27,352,467&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>30,916,503&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Fair value through profit or loss</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 7.5pt Avantt">Put options granted on subsidiaries</FONT><FONT STYLE="font: normal 9.5pt Avantt"><SUP>&nbsp;(i)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,217,233&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,154,203&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: #1555E5 1.5pt solid;vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Derivatives hedges&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">20.2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,134,250&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">925,401&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,351,483&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,079,604&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>29,703,950&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>32,996,107&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) Obligations related to the acquisition of a non-controlling interest:
the Company recognized a liability related to the acquisition of the remaining non-controlling interest in the operations in the Dominican
Republic. This financial instrument is denominated in Dominican Pesos and refers to Tranche B. The instrument is recorded by an entity
whose functional currency is the Brazilian Real. The Company designated this financial instrument as a hedging instrument for a portion
of its net assets located in subsidiaries whose functional currency is the Dominican Peso, so that the hedge result is recognized in the
Group&#8217;s other comprehensive income, consistent with the results of the hedged items.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">At June 30, 2026, and December 31, 2025, the Company did not have any financial
assets measured at fair value through other comprehensive income.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>20.2 Derivative financial instruments</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0"><B>Transactions protected by derivative financial instruments in accordance with the Financial
Risk Management Policy</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></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="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Six-month period ended: 06/30/2026</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Three-month period ended: 06/30/2026</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Fair Value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Gains/(losses)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Gain / (Losses)</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; width: 16%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Hedge position</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Risk</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Notional</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Assets</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Financial results</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Operational result</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Equity</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Financial results</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Operational result</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Equity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Forward element</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Spot element</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Hedge accounting effect</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Forward element</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Spot element</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Hedge accounting effect</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Cost</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>19,207,938&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>635,332&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(1,114,209)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(783,053)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>124,658&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>36,287&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(227,421)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>179,386&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(421,985)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><I>Commodities</I></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">5,506,787&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">418,763&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(135,876)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(83,976)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">440,727&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">286,064&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">141,850&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">330,945&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(664,052)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">13,701,151&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">216,569&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(978,333)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(699,077)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(316,069)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(249,777)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(369,271)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(151,559)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">242,067&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Imports of fixed assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>109,062&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>404&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(13,055)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(4,220)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(4,223)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>2,009&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(1,612)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(1,228)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(3,460)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">109,062&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">404&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(13,055)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(4,220)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(4,223)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">2,009&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(1,612)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(1,228)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(3,460)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>88,266&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>899&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(6,617)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(2,989)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(3,488)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>9,335&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(1,257)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(886)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>773&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">88,266&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">899&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(6,617)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(2,989)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(3,488)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">9,335&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(1,257)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(886)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">773&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(1,320,426)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(369)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>23,445&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>10,291&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(1,320,426)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">(369)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">23,445&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">10,291&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>Balance at end of the period</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>18,084,840&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>636,635&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(1,134,250)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(766,817)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>116,947&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>47,631&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(219,999)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>177,272&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt; color: black"><B>(424,672)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 40 -->
    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<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>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2025</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Six-month period ended: 06/30/2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Three-month period ended: 06/30/2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Fair Value</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Gains/(losses)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Gain / (Losses)</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-top: #1555E5 1.5pt solid; width: 16%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Hedge position</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Risk</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Notional</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Assets</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Financial results</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Operational result</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Equity</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Financial results</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Operational result</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Equity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Forward element</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Spot element</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Hedge accounting effect</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Forward element</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Spot element</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Hedge accounting effect</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Cost</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>19,317,767&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>749,013&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(889,212)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(552,579)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>693,739&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,072,517)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(298,285)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>110,647&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(476,066)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><I>Commodities</I></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">5,280,603&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">620,734&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(108,720)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(45,394)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(42,468)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">68,071&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,505)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(72,120)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">38,223&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">14,037,164&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">128,279&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(780,492)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(507,185)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">736,207&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(1,140,588)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(293,780)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">182,767&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(514,289)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Imports of fixed assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>117,977&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>143&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(11,449)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(566)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,537&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(7,231)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>29&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>432&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(4,568)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">117,977&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">143&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(11,449)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(566)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,537&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(7,231)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">29&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">432&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(4,568)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>92,349&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>427&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(8,098)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(359)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,180&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(3,891)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(113)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>406&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(2,474)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">92,349&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">427&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(8,098)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(359)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,180&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(3,891)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(113)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">406&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(2,474)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>28,533&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(16,642)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">28,533&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">(16,642)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Balance at end of the period</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>19,528,093&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>778,116&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(925,401)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(553,504)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>697,456&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(1,083,639)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(298,369)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>111,485&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>(483,108)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">As disclosed in the Company&#8217;s accounting policies, the forward element,
which may be separated and excluded from hedge designation, is recognized in the financial result in accordance with IFRS 9 - <I>Financial
Instruments</I>.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 41 -->
    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>20.2.1 Instrument maturity</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">At June 30, 2026, the Notional and Fair Value amounts, by instrument and maturity, were as follow:</P>

<P STYLE="font: 11pt 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="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Notional Value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 34%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Hedge position</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 23%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Risk</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2027</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Cost</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>11,947,300&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>7,260,638&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>19,207,938&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>&nbsp;Commodities&nbsp;</I></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,675,027&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,831,760&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,506,787&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">&nbsp;US Dollars&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">9,272,273&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,428,878&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">13,701,151&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Imports of fixed assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>64,953&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>44,109&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>109,062&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">64,953&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">44,109&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">109,062&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>34,958&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>53,308&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>88,266&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">34,958&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">53,308&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">88,266&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,320,426)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,320,426)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,320,426)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,320,426)</FONT></TD></TR>
  <TR STYLE="border-top: #1555E5 1.5pt solid;vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>10,726,785&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>7,358,055&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>18,084,840&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt 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="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Fair Value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 34%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Hedge position</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 23%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Risk</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2027</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1.5pt solid; width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Costs</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(337,841)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(141,036)</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(478,877)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><I>Commodities</I></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">375,673&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(92,786)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">282,887&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(713,514)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(48,250)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(761,764)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Imports of fixed assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(11,001)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(1,650)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(12,651)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(11,001)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,650)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(12,651)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(4,833)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(885)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(5,718)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(4,833)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(885)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(5,718)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(369)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(369)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(369)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(369)</FONT></TD></TR>
  <TR STYLE="border-top: #1555E5 1.5pt solid;vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(354,044)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(143,571)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(497,615)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>20.2.2 Margins pledged as guarantees</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">To comply with margin requirements established by derivative exchanges and/or
counterparties to certain derivative financial instrument transactions, at June 30, 2026, the Group held R$222,828 financial investments
with high liquidity or in cash, classified as cash and cash equivalents and investment securities (R$164,400 at December 31, 2025).</P>




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    <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 Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>20.3 Classification of financial instruments&#9;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></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; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Investment securities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,735,617&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,735,617&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,667,391&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,667,391&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivatives assets at fair value through profit and loss</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">168,002&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">468,633&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">636,635&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,850&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,683&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">28,533&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivatives &#8211; operational hedges</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">164,266&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">585,317&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">749,583&nbsp;</FONT></TD></TR>
  <TR STYLE="border-top: #1555E5 1.5pt solid;vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,903,619&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>468,633&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,372,252&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,839,507&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>606,000&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,445,507&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Put options granted on subsidiaries</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,217,233&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,217,233&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,154,203&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,154,203&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivatives liabilities at fair value through profit and loss</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">369&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">369&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16,642&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16,642&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivatives &#8211; operational hedges</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">14,020&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,119,861&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,133,881&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">97,982&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">810,777&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">908,759&nbsp;</FONT></TD></TR>
  <TR STYLE="border-top: #1555E5 1.5pt solid;vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>14,389&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,119,861&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,217,233&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,351,483&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>97,982&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>827,419&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,154,203&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,079,604&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">There were no transfers of assets and liabilities
among fair value hierarchy Levels 1, 2, and 3 during the periods presented.</FONT></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>20.3.1 Financial instruments level 3</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>PUT CND</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In accordance with the Shareholders' Agreement <FONT STYLE="font-weight: normal">of
Tenedora CND </FONT>S.A. (&quot;Tenedora&#8221;) &#8211; holding company headquartered in the Dominican Republic which owns almost the
entire share capital of CND &#8211; executed between the Company and E. Le&oacute;n Jimenes, S.A. (&#8220;ELJ&#8221;), ELJ is the owner
of 2.89% of the shares of Tenedora, and has a put option for such remaining interest, corresponding to Tranche B as provided in the Agreement.
This put option may be exercised by ELJ starting as from 2026. The Company, in turn, also holds a call option to acquire the Tranche B
shares, exercisable from 2029 onwards, at which point both options will coexist.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">At June 30, 2026, the Tranche B shares held by ELJ were valued at R$1,217,233
(R$1,154,203 at December 31, 2025<FONT STYLE="color: #0D0D0D; background-color: white">). </FONT>The fair value of Tranche B was calculated
based on the EBITDA multiple defined in the agreement, less net debt, and discounted to present value using standard valuation techniques,
based on the present value of the principal and future interest, discounted using the local currency WACC as of the measurement date.
The valuation inputs are based on market information from reliable sources and are classified within Level 3 of the fair value hierarchy.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>20.3.2 Reconciliation of changes in the liabilities categorized at Level 3</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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="border-bottom: #1555E5 1.5pt solid; width: 79%; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Financial liabilities at December 31, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 21%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,154,203&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Total gains and losses during the period</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">63,030&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">&nbsp;&nbsp; Losses/(gains) recognized in net income</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">68,922&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt">&nbsp;&nbsp; Losses/(gains) recognized in equity&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(5,892)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Financial liabilities at June 30, 2026</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,217,233&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) Effect of foreign exchange variation on the Net Investment Hedge (NIH)
instrument.</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>20.4 Risk management</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company is exposed to foreign currency, interest rate, commodity price,
liquidity and credit risk in the ordinary course of its business. The Company analyzes each of these risks individually and on a consolidated
basis to define strategies to manage their economic impact in accordance with its Financial Risk Management Policy.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The objective of this policy is intended to provide guidelines for the management
of the financial risks inherent to the capital markets in which Ambev operates. The policy includes four main aspects related to financial
risk management: (i) transactional risks related to the business; (ii) credit risks of counterparties financial statement translation
risk; (iii) capital structure; financing and liquidity credit risks of financial counterparties and (iv) financial statement translation
risk capital structure; financing and liquidity.</P>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>20.4.1 Market risk</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #1555E5"><B>20.4.1.1 Interest rate risk</B></FONT><B>:</B>
represents of the possibility that the Company may incur losses due to fluctuations in interest rates, which may increase the financial
expenses on its financial liabilities, and/or decrease the financial income from its financial assets, as well as negatively impacting
the fair value of financial instruments measured at fair value. To mitigate this risk the Company applies a dynamic interest rate hedging
approach, whereby the target mix between fixed and floating rate debt is reviewed periodically. The purpose of the Company&#8217;s policy
is to achieve an optimal balance between the cost of funding and the volatility of financial results, considering market conditions. The
Company&#8217;s overall business strategy is reviewed periodically.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The table below demonstrates the exposure of the Company and its subsidiaries
to debts and respective weighted interest rates. As of June 30, 2026, the Company and its subsidiaries did not hold hedge positions to
the exposure described below:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Risk</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Risk</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Interest rate</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Amount in Brazilian Real</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Interest rate</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Amount in Brazilian Real</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Brazilian Reais</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">12.0%</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,850,765&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">11.1%</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,172,861&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">13.7%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">572,436&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">15.1%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">628,508&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">US Dollars</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7.8%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">510&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2.4%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">9,750&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Canadian Dollars</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">263,376&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5.5%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">314,790&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Pre-fixed interest rate&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>2,687,087&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; vertical-align: bottom; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>3,125,909&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Brazilian Reais</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7.4%</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">261,873&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">7.6%</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">261,015&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Post - fixed interest rate&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>261,873&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid;border-bottom: #1555E5 2.25pt double; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>261,015&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>Sensitivity analysis</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">The Company mitigates most of the risks arising
from non-derivative financial assets and liabilities through the use of derivative financial instruments. In this context, the Company
has identified the main risk factors that could lead to losses on these derivative financial instruments and has developed a sensitivity
analysis based on three scenarios that could impact the Company&#8217;s future results and/or cash flow</FONT>.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0">The sensitivity analysis of exchange rate fluctuations and commodity price variations is presented
below:</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>
    <TD STYLE="width: 24%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 14%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Transaction</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Risk</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Fair Value</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Probable scenario</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Adverse scenario</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Remote scenario</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Commodities hedges</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">Increases in commodities price</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">282,887&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">334,856&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,659,585&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,036,282&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Input purchases</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(282,887)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(335,784)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,689,766)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(3,096,643)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign exchange hedges</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign currency increases</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(761,764)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(625,725)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,663,523&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">6,088,810&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Input purchases</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">761,764&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">624,282&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(3,115,310)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(6,992,386)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Cost effects</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(2,371)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(481,968)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(963,937)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign exchange hedges</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign currency increases</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(12,651)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(12,328)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">14,615&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">41,880&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Capex purchases</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">12,651&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">12,328&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(22,826)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(58,303)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Fixed asset effects</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(8,211)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(16,423)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign exchange hedges</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign currency increases</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(5,718)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(5,413)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">16,348&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">38,415&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,718&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,413&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(21,137)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(47,991)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Results of expense effects</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(4,789)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(9,576)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign exchange hedges</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt">Foreign currency increases</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(369)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(15,858)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(330,476)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(660,582)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Cash</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">369&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">15,858&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">330,476&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">660,582&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Financial assets effects</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="border-top: #1555E5 1.5pt solid;vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(2,371)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(494,968)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(989,936)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt; color: #1555E5"><B>20.4.1.2 Commodity risk</B>:
</FONT><FONT STYLE="font-size: 11pt">A significant portion of the Company&#8217;s inputs is comprised of commodities, which have historically
experienced substantial price fluctuations. </FONT><FONT STYLE="font-weight: normal">The Company's Policy establishes that entering </FONT><FONT STYLE="font-size: 11pt">into
</FONT><FONT STYLE="font-weight: normal">hedges is </FONT><FONT STYLE="font-size: 11pt">an</FONT> <FONT STYLE="font-weight: normal">appropriate
way to protect the Company against unforeseen fluctuations in prices and foreign </FONT><FONT STYLE="font-size: 11pt">exchange rates</FONT><B>.</B>
<FONT STYLE="font-size: 11pt">The Company therefore uses both fixed-price purchase contracts and derivative financial instruments to minimize
its exposure to volatility in the prices of commodities such as aluminum, sugar, wheat, corn and paraxylene. These derivative financial
instruments have been designated as cash flow hedges. </FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>20.4.1.3 Foreign currency risk</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company is exposed to foreign currency risk on its borrowing, investments,
purchases, dividends and/or interest expenses/income where these are denominated in a currency other than the functional currency of the
respective Group entities. The main derivative financial instruments used to manage foreign currency risk are futures contracts, swaps,
options, non-deliverable forwards and deliverable forwards.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>20.4.2 Credit risk</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The carrying amounts of cash and cash equivalents, investment securities,
trade receivables (excluding prepaid expenses), recoverable taxes and derivative financial instruments are presented net of impairment
provisions, and represent the Company&#8217;s maximum exposure to credit risk at June 30, 2026. At June 30, 2026, there was no concentration
of credit risk on any counterparty in excess of the limits established by the Company&#8217;s Credit Risk Policy. Counterparty risk is
reassessed on a quarterly basis.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><I>Customers</I></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">A substantial portion of the Company&#8217;s sales is made to distributors,
supermarkets, and retailers through a broad distribution network. Credit risk is mitigated by the large number of customers and by the
control procedures implemented to monitor this risk. Historically, the Company has not incurred significant losses on receivables from
customers.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><I>Investments</I></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In order to minimize the credit risk on its investments, the Company has
adopted cash and investment allocation procedures that take into account credit limits and credit analysis of financial institutions,
thereby avoiding credit concentration, i.e. the credit risk is monitored and minimized by restricting negotiations to a select group
of highly rated counterparties.</P>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"></P>


<!-- Field: Page; Sequence: 45 -->
    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>20.4.3 Liquidity risk</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Historically, the Company&#8217;s primary sources of cash flow have been
cash flow from operating activities, debt issuances, bank borrowing and equity securities. Ambev&#8217;s material cash requirements have
included the following: payments of dividends and interest on capital; capital expenditures; investments in companies; increases in the
ownership interests in Ambev&#8217;s subsidiaries or in companies in which it holds equity investments; share buyback programs; and debt
servicing.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company believes that its cash flow from operating activities, cash and
cash equivalents and short-term financial investments, together with derivatives financial instruments and access to credit facilities,
are sufficient to finance its capital expenditure, financial liabilities and dividend payments in the future.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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; width: 26%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 14%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>06/30/2026</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Contractual cash flow</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Less than 1 year</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1-2 years</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2-3 years</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3-5 years</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>More than 5 years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 7.5pt Avantt">Trade and other payables&nbsp;</FONT><FONT STYLE="font: normal 9.5pt Avantt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">32,785,380&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">34,702,109&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">32,677,967&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">101,199&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">49,548&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">9,950&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,863,445&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Secured bank loans</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">80,871&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">100,726&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">25,182&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">25,181&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">25,181&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">25,182&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other secured loans</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">281,368&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">351,032&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">126,213&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">112,040&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">68,228&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,608&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">42,943&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Lease liabilities&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,586,721&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,277,638&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,170,639&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">894,475&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">404,191&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">376,240&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">432,093&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>35,734,340&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>38,431,505&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>34,000,001&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,132,895&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>547,148&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>412,980&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,338,481&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt 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="white-space: nowrap; width: 26%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 11%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; white-space: nowrap; width: 14%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Contractual cash flow</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>Less than 1 year</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1-2 years</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2-3 years</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>3-5 years</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>More than 5 years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 7.5pt Avantt">Trade and other payables&nbsp;</FONT><FONT STYLE="font: normal 9.5pt Avantt"><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">38,793,549&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">40,657,985&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">37,499,850&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">85,522&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">40,675&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,169,439&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,862,499&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Secured bank loans</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">99,701&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">126,861&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">27,943&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">25,182&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">23,373&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">50,363&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Other secured loans</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">311,577&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">405,106&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">146,216&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">131,495&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">65,261&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">8,253&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">53,881&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">Lease liabilities&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">2,975,646&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">3,837,785&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">1,229,439&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">946,023&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">688,200&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">441,695&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt">532,428&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>42,180,473&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>45,027,737&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>38,903,448&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,188,222&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>817,509&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>1,669,750&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7.5pt"><B>2,448,808&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) Mainly includes amounts related to suppliers, taxes, fees and contributions
payables, dividends and interest on equity payable, salaries and related charges, put options related to the Company&#8217;s ownership
interests in subsidiaries and other liabilities, except for transactions with related parties.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>20.4.4 Capital management</B></P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company continuously evaluates and optimizes its capital structure in
order to maximize shareholder value while maintaining the desired financial flexibility to execute its strategic projects. In addition
to the statutory minimum equity funding requirements applicable to the Company&#8217;s subsidiaries in different countries, the Company
is not subject to any externally imposed capital requirements. When analyzing its capital structure, the Company uses the same debt ratios
and capital classifications that are applied in the financial statements.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The company monitors its net debt to ensure the continuity of its operations
over the long term.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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; width: 62%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 18%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 18%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Debt details</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Interest-bearing loans and borrowing current and non-current</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,948,960&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,386,924&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">(-) Current investment securities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,735,617)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(1,681,692)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">(-) Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(16,610,779)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">(18,638,228)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Net debt/(cash)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(15,397,436)</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>(16,932,996)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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    <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>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_026"></A>21.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>COLLATERAL, CONTRACTUAL COMMITMENTS TO SUPPLIERS, ADVANCES FROM CUSTOMERS
AND OTHERS</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></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: 66%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 17%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Collateral given for the Company&#8217;s own liabilities</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">714,273&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">775,755&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Other commitments</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">749,127&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">491,142&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,463,400&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>1,266,897&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Commitments to suppliers - Property, plant and equipment and Intangibles</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">630,370&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">251,074&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Commitments to suppliers - Inventory</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">25,983,180&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">25,020,120&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>26,613,550&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>25,271,194&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Avantt; margin: 0; text-align: justify">At June 30, 2026, the Company had R$714,273 (R$775,755 at December 31,
2025) of cash guarantees.</P>

<P STYLE="font: 11pt/115% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Most of the commitments balance relates to obligations to packaging suppliers.
These commitments are primarily aimed at ensuring a secure long-term supply of the Company&#8217;s strategic inputs and providing greater
assurance to suppliers making long-term investments. The f<FONT STYLE="background-color: white">uture contractual commitments are presented
below:</FONT></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&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; width: 66%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1.5pt solid; width: 17%; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 17%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>12/31/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Less than 1 year</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">11,548,674&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">12,895,064&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">Between 1 and 2 years</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">5,759,495&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">2,151,696&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt">More than 2 years</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">9,305,381&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10,224,434&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>26,613,550&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>25,271,194&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Cash deposits used as guarantees are classified within other assets. The
amount of fixed assets pledged as collateral is not material.</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_027"></A>22.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>RELATED PARTIES</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company adopts corporate governance practices as recommended and/or required
by the applicable laws and regulations. Under the Company&#8217;s bylaws, the Board of Directors is responsible for approving any transactions
or agreements entered into between the Company and/or any of its subsidiaries (except wholly owned subsidiaries), its directors and/or
shareholders (including direct or indirect partners of the Company&#8217;s shareholders). The Company's Governance Committee is responsible
for advising the Board of Directors on matters related to related party transactions, among others.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Members of management are prohibited from taking part in any transaction
in which a conflict of interest with the Company may exist, even if only in theory. This restriction also applies to any decision made
by other members of management regarding the matter. Whenever such conflict exists, the members involved must inform management of the
conflict and ensure that their non-participation in the deliberation is recorded in the minutes of the Board of Directors&#8217; or Executive
Board&#8217;s meeting.</P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>22.1 Transactions with key management personnel</B></P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Key management personnel comprise the members of Executive Board and the
Board of Directors. In addition to short-term benefits (mainly salaries), key management personnel are eligible to participate in the
Company&#8217;s share-based payment plans, as described in note 19 &#8211; <I>Share-based payments</I>.</P>

<P STYLE="font: 11pt Avantt; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Avantt; margin: 0">The total remuneration of key management personnel is presented below:</P>

<P STYLE="font: 11pt Avantt; margin: 0"><B>&nbsp;</B></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="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Six-month period ended:</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Three-month period ended:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 39%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 16%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 13%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2026</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; width: 15%; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>06/30/2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt">Short-term benefits</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>&nbsp;(i)</SUP></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">22,400&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">25,340&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">9,767&nbsp;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">11,814&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt">Share-based payments&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">39,568&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">64,100&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">10,592&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">33,870&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font: normal 8pt Avantt">Social security&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-style: normal; font-weight: normal"><SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,070&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">3,030&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,297&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,514&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Total key Management remuneration&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>66,038&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>92,470&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>21,656&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1.5pt solid; border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>47,198&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(i) Mainly comprise fixed and variable compensation (including performance
bonuses) paid to management.</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/110% Avantt; margin: 0; text-align: justify">(ii) Reflects expenses related to share options, deferred shares, restricted
stocks and performance shares granted to Management.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify">(iii) Represents  the social security charges (&quot;INSS&#8221;) levied
on the management&#8217;s remuneration.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Except for the above mentioned remuneration, the Company has no other transaction
with key management personnel, nor does it have outstanding balances receivable from or payable to them in the Company&#8217;s balance
sheet.</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>22.2 Transactions with the Company's shareholders:</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>22.2.1 Medical, dental and other benefits</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Funda&ccedil;&atilde;o Zerrenner is one of Ambev&#8217;s shareholders, holding
10.2% of its share capital. Funda&ccedil;&atilde;o Zerrenner is also an independent legal entity whose main goal is to provide Ambev&#8217;s
employees, both active and retired, with healthcare and dental assistance, support for technical and higher education courses, and facilities
for assisting elderly people, either directly or through financial assistance agreements with other entities. At June 30, 2026, and December
31, 2025, the actuarial obligations related to the benefits provided directly by Funda&ccedil;&atilde;o Zerrenner were fully covered by
plan assets held for this purpose, which significantly exceeded the corresponding liabilities at those dates.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">Ambev recognizes the assets (recorded as prepaid expenses) to the extent
of the economic benefits that are available to the Company, arising from reimbursements or reductions in future contributions.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify">During the six-month period ended June 30, 2026, expenses incurred
and recognized by Funda&ccedil;&atilde;o Zerrenner with third parties to provide these benefits amounted to R$205,111 (R$185,184 at June
30, 2025), of which R$184,494 and R$20,617 related to active employees and retirees, respectively (R$164,799 and R$20,385 at June 30,
2025).</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>22.2.2 Licensing agreement with AB InBev</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Company maintains licensing agreement with AB InBev <FONT STYLE="font-weight: normal">and
</FONT>certain <FONT STYLE="font-weight: normal">of its subsidiaries, </FONT>including <FONT STYLE="font-weight: normal">as</FONT> Group
Modelo and Spaten-Franziskaner-Br&auml;u GmbH, to produce, bottle, import, promote, sell and distribute their key brands <FONT STYLE="font-weight: normal">in
the territories </FONT>where <FONT STYLE="font-weight: normal">the Group operates. The Company also grants </FONT>AB InBev <FONT STYLE="font-weight: normal">and
</FONT>certain of its <FONT STYLE="font-weight: normal">subsidiaries</FONT> licenses granting similar rights over its key brands<FONT STYLE="font-weight: normal">,
such as</FONT> Brahma<B>&reg;, </B><FONT STYLE="font-weight: normal">in AB Inbev&#8217;s territories</FONT><B>.</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">During the six-month period ended June 30, 2026, the Group recognized R$32,033
(R$31,593 at June 30, 2025) and R$697,742 (R$657,876 at June 30, 2025) as royalty income and expenses, respectively, in its consolidated
results.</P>




<!-- Field: Page; Sequence: 48 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>22.3 Transactions with related parties</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">The Group&#8217;s consolidated results include R$397,277 from sales of products,
services rendered and other income in the six-month period ended June 30, 2026 (R$466,979 in June 30, 2025). Regarding product purchases
and other expenses, the Group recognized, in the same six-month period ended June 30, 2026, the amount to R$1,497,163 (R$1,456,769 in
June 30, 2025). Additionally, an amount to R$3,249 was recognized by the Group as part of the net financial result from Transactions with
related parties for the six-month period ended June 30, 2026 (R$(9,720) on June 30, 2025). The Group's main related party transactions
were conducted with the following companies: AB InBev Procurement GmbH, Anheuser-Busch Packaging Group Inc., Anheuser-Busch Inbev USA
LLC, Bavaria S.A., Cervecer&iacute;a Modelo de Mexico S. de R.L. de C.V., among others.</P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; color: #1555E5; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt"><B><A NAME="a_028"></A>23.</B></FONT></TD><TD><FONT STYLE="font-family: Avantt"><B>EVENTS AFTER THE REPORTING PERIOD</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 3.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>23.1 Resolution on the payment date of the third and final
installment of IOC December 2025</B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 3.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 3.3pt; text-align: justify">At a meeting held on July 29, 2026, the Board of Directors approved
the payment date of the third and final installment of the interest on capital, the distribution of which had been approved at the Board
of Directors' meeting held on December 9, 2025 (&quot;IOC December 2025&quot;). The payment will be made on October 6, 2026, in the gross
amount of R$0.1185 per share, corresponding to an estimated net amount of R$0.1007 per share of the Company, after the withholding income
tax in accordance with applicable tax legislation, totaling an aggregate net amount of approximately R$1.6 billion. The record dates considered
at the time the distribution was approved remain unchanged.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>23.2 Distribution of IOC July 2026</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">At a meeting held on July 29, 2026, the Board of Directors approved the distribution
of interest on capital in the gross amount of R$0.0713 per share and an estimated net amount of R$0.0588 per Company share, after the
withholding of income tax, in accordance with applicable legislation, totaling an aggregate gross amount of approximately R$ 1.1 billion
(&quot;IOC July 2026&quot;). The July 2026 IOC will be offset against the mandatory minimum dividend for the fiscal year and will be calculated
based on the profit for the period and the available balances reflected in the extraordinary balance sheet dated June 30, 2026. The distribution
of the July 2026 IOC will be subject to taxation in accordance with the legislation in force. Such payment will be made by December 31,
2026, on a date to be determined by the Company's Management, based on the shareholder position as of September 21, 2026, with respect
to B3 S.A. &#8211; Brasil, Bolsa, Balc&atilde;o, and September 23, 2026, with respect to the New York Stock Exchange (NYSE), without monetary
adjustment. The Company's shares and ADRs will trade ex-IOC beginning on September 22, 2026 (including).</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>23.3 Continuation of the share repurchase program.</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">In July 2026, as a continuation of the share repurchase program described
in Note 1.3.3, the Company acquired 27,000,000 (twenty-seven million) common shares at a cost of approximately R$430 million. As a result,
up to the date of issuance of these interim financial statements, the Company had acquired a total of 198,482,300 (one hundred ninety-eight
million, four hundred eighty-two thousand, three hundred) common shares under the program, at a total cost of approximately R$3.2 billion.</P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>23.4 Presumed Profit.</B></P>

<P STYLE="font: 11pt Avantt; color: #1555E5; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify">On July 24, 2026, the Company was notified of the unanimous favorable decision
rendered by the Administrative Council of Tax Appeals (&quot;CARF&quot;) in the administrative proceeding issued against Arosuco Aromas
e Sucos Ltda. (&quot;Arosuco&quot;), a subsidiary of the Company, relating to the use of the presumed profit regime (<I>lucro presumido</I>)
for the assessment of income tax and social contribution on net profit, which became final and unappealable, resulting in the cancellation
of this contingency from the Brazilian Federal Revenue Service&#8217;s system (Receita Federal do Brasil). The amount already assessed
relating to this uncertain tax treatment, as per ICPC 22/IFRIC 23, was BRL 623.6 million as of 30 June 2026 (BRL 601.3 million as of
December 31, 2025). This proceeding was disclosed in Note 27.2.1, item 8, to the Company's Consolidated Financial Statements for the
year ended December 31, 2025. As a result of the final decision, this amount will no longer be included in the total amount of uncertain
tax treatments disclosed by the Company.</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="text-align: left; margin: 0; font: 11pt Avantt"><B>AMBEV S.A.</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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;July 30, 2026</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;Guilherme Fleury de Figueiredo Ferraz Parolari</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Guilherme Fleury de Figueiredo Ferraz Parolari</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Chief Financial and Investor Relations Officer</P></TD></TR>
</TABLE>
<HR SIZE="2" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%">



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
