<SEC-DOCUMENT>0001292814-26-003970.txt : 20260730
<SEC-HEADER>0001292814-26-003970.hdr.sgml : 20260730
<ACCEPTANCE-DATETIME>20260730060537
ACCESSION NUMBER:		0001292814-26-003970
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:		261219966

	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>abevpr2q26_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>

<HR SIZE="2" NOSHADE ALIGN="CENTER" COLOR="Black" STYLE="width: 21%">

<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>

<HR SIZE="2" NOSHADE ALIGN="CENTER" COLOR="Black" STYLE="width: 21%">

<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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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD COLSPAN="2" STYLE="padding: 2pt 5pt 5pt">
    <P STYLE="font: 12pt/115% Avantt; margin: 12pt 0 6pt; text-align: center; color: #595959"><B>AMBEV REPORTS 2026 SECOND QUARTER RESULTS</B><SUP>1</SUP></P>
    <P STYLE="font: 10pt Avantt; margin: 0"><I>&#8220;The consistent execution of our growth strategy translated into another quarter of beer
    volume growth, with solid top and bottom-line performance.&#8221;</I> &#8211; Carlos Lisboa, CEO</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt 5pt; width: 45%; font: 10pt/115% Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 15pt; color: #595959; line-height: 115%"><B>Total Volume (organic)</B></FONT></TD>
    <TD STYLE="padding: 2pt 5pt 5pt; width: 55%; font: 10pt/115% Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 15pt; color: #595959; line-height: 115%"><B>Net Revenue (organic)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt 5pt"><FONT STYLE="font-family: Avantt; font-size: 11pt; color: #1555E5; line-height: 115%"><B>+1.4% vs LY &nbsp;</B></FONT></TD>
    <TD STYLE="padding: 2pt 5pt 5pt"><FONT STYLE="font-family: Avantt; font-size: 11pt; color: #1555E5; line-height: 115%"><B>+6.1% vs LY &nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif; text-align: justify"><FONT STYLE="font-family: Avantt; line-height: 115%">Consolidated volumes increased 1.4% in 2Q26. Volume performance was driven by growth in Central America and the Caribbean (&#8220;CAC&#8221;) (+5.4%) and Brazil Beer (+</FONT><FONT STYLE="font-family: Avantt">5.0%<FONT STYLE="line-height: 115%">), more than offsetting declines in </FONT>Brazil NAB <FONT STYLE="line-height: 115%">(</FONT>-4.4%<FONT STYLE="line-height: 115%">), Latin America South (&#8220;LAS&#8221;) (</FONT>-2.9%<FONT STYLE="line-height: 115%">)</FONT> and <FONT STYLE="line-height: 115%">Canada (</FONT>-1.8%).</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif; text-align: justify"><FONT STYLE="font-family: Avantt; line-height: 115%">Top line increased by 6.1%, driven by net revenue per hectoliter (&#8220;NR/hl&#8221;) growth of 4.6% and volume performance. Net revenue grew in all our business units: Brazil Beer (+8.9%), CAC (+7.1%), LAS<FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> (+4.4%), Canada (+2.1%) and Brazil NAB (+1.4%).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 15pt; color: #595959; line-height: 115%"><B>Normalized EBITDA (organic)</B></FONT></TD>
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 15pt; color: #595959; line-height: 115%"><B>Normalized Profit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt 5pt"><FONT STYLE="font-family: Avantt; font-size: 11pt; color: #1555E5; line-height: 115%"><B>+8.9% vs LY &nbsp;</B></FONT></TD>
    <TD STYLE="padding: 2pt 5pt 5pt"><FONT STYLE="font-family: Avantt; font-size: 11pt; color: #1555E5; line-height: 115%"><B>R$ 3,492.7 million &nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif; text-align: justify"><FONT STYLE="font-family: Avantt; line-height: 115%">Normalized EBITDA grew by 8.9%, with all our business units delivering Normalized EBITDA growth. Normalized EBITDA margin increased by 80 bps, to 31.6%, supported by disciplined revenue and cost management.</FONT></TD>
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif; text-align: justify"><FONT STYLE="font-family: Avantt; line-height: 115%">Normalized Profit increased by </FONT><FONT STYLE="font-family: Avantt">23.3% <FONT STYLE="line-height: 115%">compared to R$&nbsp;</FONT>2,832.7 <FONT STYLE="line-height: 115%">million in </FONT>2Q25<FONT STYLE="line-height: 115%">, mainly driven by EBITDA growth and lower net financial expenses, partially offset by higher income tax expenses. Normalized earnings per share (&#8220;EPS&#8221;) was R$ 0.22, increasing by 24.2%.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 15pt; color: #595959; line-height: 115%"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 15pt; color: #595959; line-height: 115%"><B>Capital Allocation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt 5pt"><FONT STYLE="font-family: Avantt; font-size: 11pt; color: #1555E5; line-height: 115%"><B>R$ 4,711.4 million &nbsp;</B></FONT></TD>
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 11pt; color: #1555E5; line-height: 115%"><B>R$ 1.1 billion Interest on Capital</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif; text-align: justify"><FONT STYLE="font-family: Avantt; line-height: 115%">Cash flow from operating activities increased </FONT><FONT STYLE="font-family: Avantt">54.5% <FONT STYLE="line-height: 115%">compared to R$ </FONT>3,050.0 <FONT STYLE="line-height: 115%">million in </FONT>2Q25<FONT STYLE="line-height: 115%">, mainly driven by EBITDA growth and improved working capital dynamics.</FONT></FONT></TD>
    <TD STYLE="padding: 2pt 5pt 5pt; font: 10pt/115% Arial,sans-serif; text-align: justify"><FONT STYLE="font-family: Avantt; line-height: 115%">On July 29th, 2026, the Board of Directors approved the payment date (October 6<SUP>th</SUP>, 2026) of the third and last tranche (R$ 1.9 billion, before withholding tax) related to the Interest on Capital (&#8220;IOC&#8221;) declared in December 2025, as well as a new IOC distribution of approximately R$ 1.1 billion, before withholding tax, to be paid by December 2026.</FONT></TD></TR>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 7pt Avantt; margin: 0 8.1pt 0 0; text-align: justify"><FONT STYLE="color: #4B3A2E; letter-spacing: 1.05pt"><B>1</B></FONT>
The following operating and financial information, unless otherwise indicated, is presented in nominal Reais and prepared according to
the International Financial Reporting Standards (&#8220;IFRS&#8221;) issued by the International Accounting Standards Board (&#8220;IASB&#8221;)
and to the accounting practices issued by the Brazilian Accounting Standards Committee (&quot;CPC&#8221;) and approved by the Brazilian
Securities and Exchange Commission (&#8220;CVM&#8221;). The information herein should be read together with our financial information
for the six-month period ended June 30, 2026, filed with the CVM and submitted to the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;).</P>

<P STYLE="font: 7pt Avantt; margin: 0 8.1pt 0 0; text-align: justify"><FONT STYLE="color: #4B3A2E; letter-spacing: 1.05pt"><B>2</B></FONT>
The impacts resulting from applying Hyperinflation Accounting for our Argentinean subsidiaries, in accordance with IAS 29, are detailed
in the section Financial Reporting in Hyperinflationary Economies - Argentina. For FY26, the definition of organic revenue growth has
been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year). Corresponding adjustments are made
to all income statement related items in the organic growth calculations through scope changes when the cap is triggered. Further details
on the cap methodology are available on page 15.</P>

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

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify"><B>The first half of 2026 reflects our solid momentum: </B>Total volumes
grew 0.7%, led by stronger beer portfolio volumes. Net revenue grew 7.2%, while Normalized EBITDA increased 9.6%, with margin expansion
of 70 bps, with every business unit delivering both Normalized EBITDA growth and margin expansion.</P>

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

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">In 2Q26, consolidated volumes grew 1.4%, with beer volumes up by mid-single
digit and estimated market share gains in several of our markets, driven by a more complete portfolio of brands. Disciplined revenue management
and resource allocation supported 6.1% net revenue growth, 8.9% Normalized EBITDA growth and 80 bps of margin expansion, even as we stepped
up investments behind our brands in the period, primarily reflecting the FIFA World Cup activation.</P>

<P STYLE="font: 11pt/110% Avantt; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Century Gothic,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><I>Lead and grow the category</I></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/110% Avantt; margin: 0 0 4pt 0.5in; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">We continued to invest behind our brands and brand building capabilities.
This quarter, the FIFA World Cup highlighted these capabilities, as we activated our portfolio of brands across multiple countries, channels
and consumer occasions. These investments helped further connect our brands with consumers during the tournament.</P>

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

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">Our broader and complementary portfolio continues to address a wider range
of consumer needs and occasions, with solid momentum across the fastest-growing beer category segments. In the quarter, our premium volumes
grew by high-teens, balanced choices by mid-sixties and no-alcohol beer by low-twenties. Michelob Ultra is a good example of how we scale
a relevant consumer proposition across different markets, connecting the brand with consumers seeking a more active and balanced lifestyle.
The brand more than tripled in Brazil and Argentina during the quarter and is now present in nearly all our markets. At the same time,
our mainstream<FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT> portfolio continued to improve sequentially in 2Q26, with volumes slightly
down year-over-year.</P>

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

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">Our portfolio innovation strategy continued to evolve to address emerging
consumer needs. One recent example is Spaten Pro, announced in July 2026: A Munich Dunkel-style no-alcohol beer with 10 grams of protein,
that illustrates how beer's versatility allows it to fit different lifestyles, needs and occasions.</P>

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

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">Consolidated NR/hl excluding marketplace grew by 5.2% in 2Q26, reflecting
disciplined revenue management and the strength of our portfolio.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/110% Avantt; margin: 0 0 0 276.45pt; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt/110% Century Gothic,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 294.45pt"></TD>
    <TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><I>Digitize and monetize our ecosystem</I></FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><IMG SRC="abevpr2q266k_002.jpg" ALT="">&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="font: 10pt/110% Avantt; margin: 0; text-align: justify">As our portfolio broadens and beer continues to serve a wider range
of consumer needs and occasions, execution becomes inherently more complex. Our digital ecosystem, led by BEES, enables us to manage that
complexity with greater precision, strengthening our core business, while accelerating new growth avenues. More than a technical backbone,
BEES creates efficiencies and improves how we operate every day. It allows us to read demand faster and more accurately, helping customers
increase sales. This quarter, for example, BEES accelerated the rollout of the Stella Pure Gold 600ml innovation across our customer base
in Brazil. BEES Marketplace GMV grew 58% in the quarter, supported by continued third-party partnerships expansion.</P>
</TD></TR>
                                                                                                                                                                                                                                            </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0"><FONT STYLE="color: #4B3A2E">3</FONT> Mainstream segment comprises
core plus, core and value segments.</P>



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<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">Regarding direct-to-consumer (DTC), Z&eacute; Delivery continued to strengthen
its role as a strategic platform for our brands and consumers. Consumer engagement benefited from our FIFA World Cup activations, with
orders more than doubling, on average, during Brazilian National Team match days, highlighting Z&eacute; Delivery's ability to execute
during high-impact consumption occasions.</P>

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

<P STYLE="font: 10pt/115% Avantt; margin: 0; text-align: justify">Z&eacute; Delivery continues to keep us close to consumers, helping
us understand evolving preferences, while serving as a powerful engine for portfolio development. In 2Q26, Balanced Choices represented
approximately 7% of total volumes in the platform, while premium brands accounted for around 35%, well ahead of their respective shares
in our overall portfolio, reflecting the ongoing premiumization and balanced choices trends, and reinforcing Z&eacute; Delivery as a window
into such future consumer trends. Leveraging our trial capabilities, we introduced Michelob Ultra to more than 250 thousand consumers,
reinforcing Z&eacute; Delivery's ability to scale new propositions and consumption occasions. During the quarter, the business further
strengthened its position as a leading convenience platform in Brazil, growing Monthly Average Users (MAU) by 6% and GMV by 16%.</P>

<P STYLE="font: 11pt/110% Avantt; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/110% Century Gothic,sans-serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><I>Optimize our business</I></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">Our disciplined resource allocation continued to provide flexibility to invest
behind strategic priorities that drive long-term growth, while consistently returning excess cash to shareholders.</P>

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

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">Cash COGS/hl excluding marketplace increased by 2.2% in the quarter, reflecting
productivity and cost efficiency initiatives across our operations. Cash SG&amp;A increased by 10.7%, primarily reflecting higher Sales
&amp; Marketing expenses related to our decision to step up investments behind our brands during the FIFA World Cup, as well as higher
distribution expenses. Normalized EBITDA increased by 8.9%, with 80 bps of margin expansion, to 31.6%, supported by Normalized EBITDA
growth across all business units. Normalized EPS increased by 24.2% in the quarter, to R$ 0.22, mainly driven by Normalized EBITDA growth
and improved financial results, which together more than offset higher income tax expenses in the period.</P>

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

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">Our solid cash flow generation in the first half of 2026 supported continued
shareholder returns. Year-to-date, through the date of this release, we have returned approximately R$5.9 billion in cash to shareholders,
before withholding tax, mainly through the execution of around 95% of our share buyback program announced in October 2025 and the 2025
IOC partial payments.</P>

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

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">Lastly, on July 29th, 2026, the Board of Directors approved the payment date
(October 6<SUP>th</SUP>, 2026) of the last tranche (R$ 1.9 billion, before withholding tax) related to the IOC declared in December 2025,
as well as a new IOC distribution of approximately R$ 1.1 billion (before withholding tax), to be paid by December 2026.</P>

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

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">While we remain mindful that the global geopolitical environment continues
to be dynamic, we remain focused on disciplined execution and resource allocation and maintain our full-year guidance unchanged, expecting
an increase of between 4.5% and 7.5% in our Brazil Beer Cash COGS/hl excluding the sale of non-Ambev products on the marketplace.</P>

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Financial highlights - Ambev consolidated</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As <BR>
Reported</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% <BR>
Organic</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As <BR>
Reported</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">39,569.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">39,727.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">84,887.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">84,695.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-0.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,090.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,148.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">42,587.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">42,613.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Gross profit</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10,044.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10,448.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">21,595.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">22,031.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">9.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>50.0%</I></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>51.9%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>190 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>200 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>50.7%</I></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>51.7%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>100 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>100 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,152.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,376.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3.6%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8.9%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>13,597.4&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>13,931.6&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2.5%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>30.6%</I></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>31.6%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>100 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>80 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>31.9%</I></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>32.7%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>80 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>70 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,790.6&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,474.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>24.5%</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,595.2&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>7,360.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11.6%</B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,832.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,492.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>23.3%</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,652.9&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>7,325.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10.1%</B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>EPS (R$/shares)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>0.17&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>0.22&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>25.4%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>0.41&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>0.46&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11.8%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EPS (R$/shares)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>0.18&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>0.22&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>24.2%</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>0.41&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>0.46&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10.3%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt/115% Avantt; margin: 0; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>KEY
MARKETS PERFORMANCES</B></FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 0; text-align: justify; color: #595959"><B>Brazil Beer: Market share gains and an improved industry
drove volumes growth and double-digit bottom-line increase</B></P>

<P STYLE="font: 7pt/115% Avantt; margin: 0; text-align: justify; color: #595959"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Operating performance<SUP>4</SUP>:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New; font-size: 9pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>2Q26:</B> Volumes grew 5.0%, estimated to have outperformed
the industry, primarily supported by our high-end portfolio and incremental demand created by the FIFA World Cup, despite adverse weather
conditions. NR/hl excluding marketplace increased by 4.4%, driven by revenue management and portfolio mix. Cash COGS/hl excluding marketplace
rose 4.5%, driven primarily by FX and commodities headwinds, as well as portfolio mix. Cash SG&amp;A grew by 10.8%, mainly reflecting
increased Sales &amp; Marketing expenses driven by FIFA World Cup activations, as well as higher distribution expenses, primarily driven
by increased volumes. Normalized EBITDA increased by 12.8%, with gross and Normalized EBITDA margins both expanding by 110</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&#8239;</FONT><FONT STYLE="font-family: Avantt; font-size: 9pt">bps.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New; font-size: 9pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>HY26:</B> Net revenue grew 9.3% (volumes +2.9% and
NR/hl +6.2%), and Normalized EBITDA grew by 9.9%, with gross margin contraction of 40</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&#8239;</FONT><FONT STYLE="font-family: Avantt; font-size: 9pt">bps,
and Normalized EBITDA margin expansion of 20</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&#8239;</FONT><FONT STYLE="font-family: Avantt; font-size: 9pt">bps.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Century Gothic,sans-serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Commercial highlights:</B> We estimate to have gained
broad-based market share in the period, across mainstream, premium, balanced choices and beyond beer. Total portfolio brand equity has
strengthened once again. The performance of our premium portfolio delivered mid-twenties volume growth, strengthening our leadership position
in the segment. Balanced Choices portfolio doubled volumes in the period, with Stella Pure Gold doubling volumes, Michelob Ultra growing
more than three times, and no-alcohol beer growing in the thirties. Mainstream volumes were broadly stable. As for our digital initiatives,
BEES Marketplace GMV grew 87% in the period, driven by the continued 3P expansion. </FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Brazil Beer</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,042.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">992.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">21,034.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,989.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">801.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">9,791.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">448.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">16.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">465.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,413.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(281.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,694.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(220.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(223.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,954.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(307.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,261.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(197.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(202.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,576.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>520.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,096.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11.4%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>50.9%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>52.0%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>110 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>110 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,626.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(284.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,911.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(464.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(469.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,090.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(290.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,381.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">9.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">9.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">459.8&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">40.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">156.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">657.2&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">42.9%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">35.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,945.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>40.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>386.4&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,372.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>22.0%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>20.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>21.6%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>24.2%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>260 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>220 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,868.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>40.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>365.9&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,275.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>14.2%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12.8%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>31.9%</I></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">&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; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>33.5%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>160 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>110 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Brazil Beer</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">43,201.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,263.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">44,464.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">18,990.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,760.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,751.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">9.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">9.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">439.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">27.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">466.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(9,120.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(926.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10,046.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(211.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(14.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(226.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(8,195.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(969.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(9,165.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">11.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">11.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(189.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(16.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(206.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9,869.6&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>834.6&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,704.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8.5%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>52.0%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>51.6%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>-40 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>-40 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,214.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(371.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,586.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(928.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(33.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(961.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(6,143.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(405.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(6,548.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">920.6&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(11.5)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">219.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,128.9&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">22.6%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">25.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,646.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(11.5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>649.3&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,284.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>13.7%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>14.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>24.5%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>25.5%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>100 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>110 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,500.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(11.5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>639.3&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>7,128.5&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9.7%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9.9%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>34.2%</I></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">&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; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>34.4%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>20 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>20 bps</I></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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



<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E; letter-spacing: 1.05pt"><B>4</B></FONT>
<FONT STYLE="color: windowtext">In 2Q26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace
products, were R$ 452.3 (4.4% organic growth) and R$ (192.6) (4.5% organic growth), respectively. In HY26, net revenue per hectoliter
and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace products, were R$ 452.9 (6.3% organic growth) and R$ (195.9)
(9.7% organic growth), respectively. The scope change in Brazil Beer refers to tax credits and related effects.</FONT></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 1pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 6pt 0; text-align: justify; color: #595959"><B>Brazil NAB: Despite volumes still underperforming
the industry, top-line grew low-single digit and bottom-line increased by mid-teens, with margins expansion, driven by disciplined revenue
and cost management</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-family: Avantt"><B>Operating performance<FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT>:</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New; font-size: 9pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-family: Avantt"><B>2Q26:</B>
Volumes decreased by 4.4%, still estimated to have underperformed the industry, as we cycled a strong performance in 2Q25. The decline
also reflected our decision to phase out volumes from a lower-return channel. Net revenue grew by 1.4%, with NR/hl up 6.1%, primarily
reflecting our revenue management strategy and favorable brand mix. Cash COGS/hl decreased by 3.1%, mainly supported by more positive
dynamics in sugar and PET. Cash SG&amp;A increased 4.0%, mainly driven by increased sales and marketing expenses, following consistent
investments in our megabrands and our long-standing partnership supporting the Brazilian Football Confederation (CBF), which celebrates
25 years. Normalized EBITDA increased by 13.8%, with gross margin and Normalized EBITDA margin expanding by 540</FONT><FONT STYLE="font-family: Times New Roman,serif">&#8239;</FONT><FONT STYLE="font-family: Avantt">bps
and 320</FONT><FONT STYLE="font-family: Times New Roman,serif">&#8239;</FONT><FONT STYLE="font-family: Avantt">bps, respectively.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New; font-size: 9pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-family: Avantt"><B>HY26:</B>
Net revenue grew by 1.6% (volumes -4.1% and NR/hl +6.0%), and Normalized EBITDA was up 15.2%, with gross margin and Normalized EBITDA
margin expanding 490</FONT><FONT STYLE="font-family: Times New Roman,serif">&#8239;</FONT><FONT STYLE="font-family: Avantt">bps and 370</FONT><FONT STYLE="font-family: Times New Roman,serif">&#8239;</FONT><FONT STYLE="font-family: Avantt">bps,
respectively.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Century Gothic,sans-serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-family: Avantt"><B>Commercial highlights:</B> Our commercial foundations continued to
sequentially improve, with market share approaching historical levels by quarter-end, according to our estimates, driven by commercial
initiatives, as price relativity pressures eased. Our main brands continued to operate with brand equity ahead of market share, and our
non-sugar portfolio continued to grow, supported by the Pepsi family and Guaran&aacute;.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Brazil NAB</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,962.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(347.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,615.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-4.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-4.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,031.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">29.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,060.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">255.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">15.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">270.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,182.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">94.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,088.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-8.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-8.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(148.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(142.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-3.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-3.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,151.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">84.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,067.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-7.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-7.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(144.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(140.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-3.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-3.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>848.3&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>124.2&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>972.5&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>14.6%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>14.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>41.8%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>47.2%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>540 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>540 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(475.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(18.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(494.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(67.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(62.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-6.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-6.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(543.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(14.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(557.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">130.5&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.8&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(21.6)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">111.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-14.4%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-16.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>435.8&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2.8&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>88.3&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>526.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>20.9%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>20.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>21.5%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>25.6%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>410 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>400 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>534.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2.8&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>73.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>610.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>14.3%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>13.8%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>26.3%</I></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">&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; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>29.6%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>330 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>320 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 1pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Brazil NAB</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">16,896.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(698.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">16,198.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-4.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-4.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,285.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">69.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,355.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">253.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">15.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">268.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,467.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">173.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,294.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-7.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-7.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(146.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(141.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-3.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-3.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,405.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">162.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,242.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-6.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-6.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(142.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(138.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-2.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-2.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,818.5&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>242.4&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,060.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>13.3%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>13.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>42.4%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>47.3%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>490 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>490 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(969.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(23.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(993.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(143.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">16.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(126.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-11.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-11.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,112.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(7.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,120.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">255.0&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(6.5)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(31.8)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">216.8&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-15.0%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-13.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>960.6&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(6.5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>203.5&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,157.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>20.5%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>21.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>22.4%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>26.6%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>420 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>440 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,166.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(6.5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>176.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,335.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>14.5%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>15.2%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>27.2%</I></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">&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; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>30.7%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>350 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>370 bps</I></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0"><FONT STYLE="color: #4B3A2E; letter-spacing: 1.05pt"><B>5</B></FONT> <FONT STYLE="color: windowtext">The
scope change in Brazil NAB refers to tax credits and related effects.</FONT></P>
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<P STYLE="font: 14pt/115% Avantt; margin: 6pt 0; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>BRAZIL<SUP>6</SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">28,004.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">645.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">28,650.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">11,020.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">830.8&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">11,851.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">7.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">7.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">393.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">20.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">413.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(5,596.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(186.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(5,782.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">3.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">3.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(199.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(2.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(201.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(5,106.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(222.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(5,328.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">4.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">4.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(182.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(3.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(186.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>5,424.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>644.2&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>6,068.6&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>11.9%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>11.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>49.2%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>51.2%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>200 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>200 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(3,102.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(303.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(3,405.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">9.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">9.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(531.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(1.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(532.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">0.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">0.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(3,633.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(304.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(3,938.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">8.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">8.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">590.3&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">43.5&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">135.1&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">768.9&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">30.3%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">23.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2,380.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>43.5&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>474.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2,899.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>21.8%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>20.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>21.6%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>24.5%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>290 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>250 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>3,402.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>43.5&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>439.5&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>3,885.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>14.2%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>13.0%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>30.9%</I></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">&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; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>32.8%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>190 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>160 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #595959"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Brazil</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>HY26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">60,098.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">565.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">60,663.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">0.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">0.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">23,276.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,830.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">25,106.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">7.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">7.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">387.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">26.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">413.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(11,588.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(753.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(12,341.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(192.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(10.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(203.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(10,600.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(807.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(11,407.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">7.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">7.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(176.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(11.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(188.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>11,688.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,077.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>12,765.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>9.2%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>9.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>50.2%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>50.8%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>60 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>60 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(6,184.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(395.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(6,579.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(1,072.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(16.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(1,088.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(7,256.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(412.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(7,668.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,175.6&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(17.9)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">188.0&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,345.6&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">14.5%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">17.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>5,607.5&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(17.9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>852.9&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>6,442.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>14.9%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>15.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>24.1%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>25.7%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>160 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>160 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>7,666.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(17.9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>815.3&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>8,464.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>10.4%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>10.7%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>32.9%</I></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">&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; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>33.7%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>80 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>90 bps</I></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E; letter-spacing: 1.05pt"><B>6</B></FONT>
<FONT STYLE="color: windowtext">In 2Q26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace
products, were R$ 404.0 (5.6% organic growth) and R$ (178.7) (3.2% organic growth), respectively. In HY26, net revenue per hectoliter
and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace products, were R$ 403.7 (6.9% organic growth) and R$ (180.6)
(7.2% organic growth), respectively. The scope change in Brazil refers to tax credits and related effects.</FONT></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 1pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 6pt; text-align: justify; color: #595959"><B>Central America and the Caribbean (CAC): Broad-based
volume growth drove high-single digit top-line and mid-single digit bottom-line increase </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-family: Avantt"><B>Operating performance<FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT>:
</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New; font-size: 9pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-family: Avantt"><B>2Q26: </B>Total volumes increased by 5.4%, with volumes growing in
all markets within the region, even amid adverse weather conditions in the Dominican Republic in April. Top-line increased by 7.1%, with
NR/hl excluding marketplace increasing 2.9%, mostly due to our revenue management strategy. Cash COGS/hl excluding marketplace increased
by 3.5% and Cash SG&amp;A increased by 12.3%, mainly reflecting increased distribution and sales and marketing expenses. Normalized EBITDA
increased by 4.9%, with gross margin expanding 190</FONT><FONT STYLE="font-family: Times New Roman,serif">&#8239;</FONT><FONT STYLE="font-family: Avantt">bps
and Normalized EBITDA margin contracting 90</FONT><FONT STYLE="font-family: Times New Roman,serif">&#8239;</FONT><FONT STYLE="font-family: Avantt">bps.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New; font-size: 9pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-family: Avantt"><B>HY26:</B> Net revenue increased by 8.5% (volumes +6.5% and NR/hl
+1.8%), and Normalized EBITDA grew by 9.0%, with gross and Normalized EBITDA margin expansion of 270</FONT><FONT STYLE="font-family: Times New Roman,serif">&#8239;</FONT><FONT STYLE="font-family: Avantt">bps
and 20</FONT><FONT STYLE="font-family: Times New Roman,serif">&#8239;</FONT><FONT STYLE="font-size: 10pt; font-family: Avantt">bps, respectively.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Commercial highlights:</B> In the Dominican Republic
the consumer environment continues to be supportive, given a more favorable macro backdrop. Our portfolio continued to gain brand equity,
supported by consistent sales &amp; marketing investments. In Panama, beer volumes increased by high-single digit, led by an improving
industry, that benefited from the FIFA World Cup. Our beer portfolio strengthened brand equity in the period, mainly driven by the Balboa
family and Corona.</FONT></TD></TR></TABLE>

<P STYLE="font: 6pt/115% Avantt; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>CAC</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,924.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(401.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">137.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,659.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-9.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,784.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(389.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(246.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">169.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,317.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-16.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">952.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(92.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">14.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">871.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-8.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,244.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">206.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">94.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(24.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(967.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-22.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(425.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">14.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">35.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">11.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(363.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-14.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-2.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,109.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">196.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">85.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(55.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(883.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-20.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(379.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">17.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">32.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(332.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-12.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,539.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(182.6)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(152.0)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>144.3&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,349.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-12.4%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>55.3%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>58.2%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>290 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>190 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(469.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">69.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">45.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(49.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(403.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-14.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">12.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(70.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">11.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(48.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-31.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-8.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(539.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">80.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">51.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(44.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(451.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-16.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">9.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;Other operating income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(11.5)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.2&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(11.6)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(17.2)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">50.1%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">149.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>989.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(98.2)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(98.7)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>88.5&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>880.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-11.0%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>35.5%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>38.0%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>250 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>100 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,194.5&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(119.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(113.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>52.6&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,013.6&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-15.1%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4.9%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>42.9%</I></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">&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; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>43.7%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>80 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>-90 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Avantt; margin: 0; text-align: justify; color: #595959"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>CAC</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>HY25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>HY26</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5,675.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(776.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">320.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5,219.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-8.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5,441.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(765.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(509.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">396.8&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">4,562.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-16.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">8.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">958.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(4.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(97.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">17.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">874.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-8.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(2,502.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">400.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">199.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(43.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(1,945.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-22.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(440.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">11.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">38.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">18.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(372.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-15.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-4.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(2,216.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">378.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">176.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(88.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(1,749.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-21.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">4.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(390.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">15.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">33.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(335.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-14.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-1.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2,939.3&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(365.5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(310.0)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>353.8&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2,617.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-10.9%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>13.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>54.0%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>57.4%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>340 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>270 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(930.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">126.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">96.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(111.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(819.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-12.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">13.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(134.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">22.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">11.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">4.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(96.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-28.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-3.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(1,065.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">148.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">107.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(106.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(915.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-14.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">11.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">&nbsp;Other operating income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(2.9)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">3.3&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1.6&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(14.9)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(12.9)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">nm</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">nm</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,871.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(213.5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(200.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>232.1&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,689.0&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-9.7%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>14.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>34.4%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>37.0%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>260 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>180 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2,292.0&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(257.5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(235.9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>182.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,981.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-13.6%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>9.0%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>42.1%</I></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">&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; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>43.4%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>130 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>20 bps</I></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E; letter-spacing: 1.05pt"><B>7</B></FONT>
<FONT STYLE="color: windowtext">In 2Q26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace
products, were R$ 836.0 (2.9% organic growth) and R$ (301.1) (3.5% organic growth), respectively. In HY26, net revenue per hectoliter
and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace products, were R$ 836.7 (3.0% organic growth) and R$ (303.0)
(0.7% organic growth), respectively. The scope change in CAC refers to the deconsolidation of subsidiaries.</FONT></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #595959"><B>Latin America South (LAS): Mid-single digit top-line
and low-single digit bottom-line growth, supported by Argentina performance, despite temporary social unrest disruption in Bolivia </B></P>

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<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Operating performance<SUP>8</SUP>: </B></FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New; font-size: 9pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>2Q26:</B> Volumes were down 2.9%, mostly impacted
by temporary social unrest and road blockades in Bolivia, that disrupted mobility and logistics, especially in May and June, as well as
by a soft non-alcoholic industry in Argentina. Top-line increased by 4.4%, with NR/hl excluding marketplace growing 8.2%, led by our consistent
revenue management initiatives. Cash COGS/hl continued to reflect overall inflation impact in the region, partially offset by a disciplined
approach towards cost management. In the period, Cash SG&amp;A also reflected higher distribution and higher Sales &amp; Marketing expenses,
the latter reflecting brand activations during the FIFA World Cup. Normalized EBITDA increased by 2.6%, with gross margin expanding by
340</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&#8239;</FONT><FONT STYLE="font-family: Avantt; font-size: 9pt">bps,
while Normalized EBITDA margin contracted by 30</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&#8239;</FONT><FONT STYLE="font-family: Avantt; font-size: 9pt">bps.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New; font-size: 9pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>HY26:</B> Net revenue was up 8.1% (volumes -1.5%
and NR/hl +9.7%), and Normalized EBITDA rose by 9.6%, with gross margin expansion of 170</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&#8239;</FONT><FONT STYLE="font-family: Avantt; font-size: 9pt">bps,
and Normalized EBITDA margin expansion of 30</FONT><FONT STYLE="font-family: Times New Roman,serif; font-size: 9pt">&#8239;</FONT><FONT STYLE="font-family: Avantt; font-size: 9pt">bps.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial,sans-serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Commercial highlights: </B>In Argentina, we estimate
to have gained market share, outperforming an improving beer industry that also benefited from the FIFA World Cup. Our beer volumes grew
by low-single digit, on top of growth in the same quarter last year, driven by the strength of our portfolio, that gained brand equity
in the period once again. Our premium brands grew by high-single digit, led by Stella Artois and Corona. In Bolivia, total volumes declined
by double-digit, due to the temporary disruption. Our beer portfolio gained brand equity, while we also estimate to have gained beer market
share in the period, sustaining our commercial momentum. </FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>LAS</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>IAS 29 <BR>
3M Impact</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6,194.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&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">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(179.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6,015.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-2.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-2.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,295.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">101.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(254.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(61.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">146.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,226.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-2.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">532.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">16.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(42.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">40.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">536.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,943.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(134.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">185.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">41.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">29.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,822.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-6.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-1.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(313.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(22.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">30.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(303.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-3.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,747.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(121.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">162.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">39.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">33.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,634.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-6.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-1.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(282.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(20.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">27.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(271.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-3.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,351.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(33.3)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(69.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(19.9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>175.4&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,403.8&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3.9%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>13.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>41.0%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>43.5%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>250 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>340 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(935.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(39.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">121.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">21.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(161.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(993.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">17.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(111.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">17.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(6.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(89.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-19.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,046.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(22.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">132.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">22.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(168.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,082.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">16.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;Other operating income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.6&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.8&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.2&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(0.5)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2.4)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-19.1%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-51.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>309.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(55.2)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>63.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>324.8&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5.1%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>9.4%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>10.1%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>70 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>-30 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>616.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(59.3)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>30.5&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1.3)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>15.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>601.8&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-2.3%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2.6%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>18.7%</I></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">&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; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>18.7%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>0 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>-30 bps</I></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E; letter-spacing: 1.05pt"><B>8</B></FONT>
<FONT STYLE="color: windowtext">In 2Q26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace
products, were R$ 529.6 (8.2% organic growth) and R$ (265.7) (1.8% organic growth), respectively. In HY26, net revenue per hectoliter
and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace products, were R$ 554.2 (10.3% organic growth) and R$ (264.3)
(7.3% organic growth), respectively. The scope change in LAS refers to the organic growth cap methodology in Argentina results, when triggered,
and the effects of applying the Hyperinflation Accounting within the quarter. Reported numbers are presented applying Hyperinflation Accounting
for our Argentinean operations, as detailed on page 15.</FONT></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>LAS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 6%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>IAS 29 <BR>
3M Impact</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">14,991.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&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">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(224.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">14,766.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-1.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-1.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,831.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">122.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,340.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(61.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">710.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,262.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-6.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">589.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(90.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">57.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">559.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-5.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">9.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,777.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(161.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">761.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">41.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(222.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,359.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-8.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(318.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">51.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(19.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(295.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-7.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,355.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(146.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">692.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">39.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(202.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,973.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-8.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(290.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(9.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">46.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(18.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(269.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-7.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,053.6&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(39.5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(579.1)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(19.9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>488.1&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,903.3&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-3.7%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>45.9%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>47.2%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>130 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>170 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,268.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(48.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">419.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">21.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(302.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,177.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-4.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">13.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(218.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">22.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">30.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(16.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(180.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-17.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,487.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(25.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">450.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">22.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(318.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,357.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-5.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">12.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;Other operating income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">16.4&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.0&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2.5)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(0.5)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.6&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">21.0&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">28.3%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">40.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,583.0&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(63.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(131.1)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>176.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,566.6&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-1.0%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>17.9%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>19.0%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>110 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>50 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,223.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(70.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(231.1)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1.3)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>212.6&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,132.8&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-4.1%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9.6%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>25.2%</I></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">&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; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>25.8%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>60 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>30 bps</I></FONT></TD></TR>
  </TABLE>

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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: 50%">&nbsp;</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Avantt; text-align: left; margin-top: 0; margin-bottom: 0; color: #1555E5"><B>ambev.com.br</B></P></TD><TD><P STYLE="text-align: right; font: 10pt Avantt; margin: 0; color: #404040"><B>Press Release &ndash; July 30, 2026</B></P></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 1pt Avantt; margin: 0; text-align: justify; color: #595959"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #595959"><B>Canada: Top- and bottom-line growth, with margins
expansion, outperforming both beer and beyond beer industries </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-family: Avantt"><B>Operating performance<FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT>:
</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New; font-size: 9pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-family: Avantt"><B>2Q26:
</B>Volumes decreased by 1.8%, outperforming a soft industry, mostly affected by adverse weather and softer consumer demand, only partially
offset by the FIFA World Cup related occasions. Top-line increased by 2.1%, with NR/hl excluding marketplace growing by 3.9%, reflecting
our revenue management initiatives and premiumization. Cash COGS/hl excluding marketplace increased by <FONT STYLE="color: windowtext">0.6%</FONT>
and Cash SG&amp;A increased by 6.2%, mostly reflecting increased sales and marketing expenses, due to the FIFA World Cup activations.
Normalized EBITDA increased by 2.9%, with both gross and Normalized EBITDA margin expanding 120</FONT><FONT STYLE="font-family: Times New Roman,serif">&#8239;</FONT><FONT STYLE="font-family: Avantt">bps
and 30</FONT><FONT STYLE="font-family: Times New Roman,serif">&#8239;</FONT><FONT STYLE="font-family: Avantt">bps, <FONT STYLE="color: windowtext">respectively</FONT>.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New; font-size: 9pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; font-family: Avantt"><B>HY26:</B>
Net revenue was up 1.2% (volumes -1.8% and NR/hl +3.1%), and Normalized EBITDA increased by 4.2%, <FONT STYLE="color: windowtext">with
gross and Normalized EBITDA margins both expanding by 80</FONT></FONT><FONT STYLE="font-family: Times New Roman,serif; color: windowtext">&#8239;</FONT><FONT STYLE="font-family: Avantt; color: windowtext">bps</FONT><FONT STYLE="font-family: Avantt">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Avantt; width: 100%; color: rgb(14,16,26)"><TR STYLE="vertical-align: top"><TD STYLE="width: 20px"></TD><TD STYLE="width: 20px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Commercial
                                            highlights:</B> We estimate to have gained both beer and beyond beer market share in the
                                            period, with our portfolio as the #1 share gainer in both categories. Our beer performance
                                            was led by Michelob Ultra and Busch, which were the top two share gainers in the industry.
                                            Beyond Beer growth was led by Cutwater and Mike&#8217;s Hard Lemonade which were two of the
                                            top four share gainers in the category.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Canada</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: black"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2,446.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(43.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2,403.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-1.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-1.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2,989.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(297.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">62.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2,753.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-7.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,222.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(124.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">47.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,145.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-6.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">3.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(1,261.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">122.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">11.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(1,127.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-10.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-0.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(515.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">51.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(4.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(469.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-9.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">0.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(1,183.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">114.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">14.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(1,054.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-10.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-1.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(483.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">47.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(2.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(438.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-9.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">0.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,728.3&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(175.4)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>73.4&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,626.3&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-5.9%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>4.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>57.8%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>59.1%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>130 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>120 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(869.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">93.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(54.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(830.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-4.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(89.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">7.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">21.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(61.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-31.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-23.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(959.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">100.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(32.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(892.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-7.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">3.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">&nbsp;Other operating income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2.5&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(0.7)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5.0&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">175.1%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">nm</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>771.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(75.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>45.5&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>740.8&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-3.9%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>5.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>25.8%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>26.9%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>110 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>100 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>939.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(91.0)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>27.1&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>875.3&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>-6.8%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2.9%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>31.4%</I></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">&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; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>31.8%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>40 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>30 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Avantt; margin: 0; color: #1555E5"><FONT STYLE="letter-spacing: 1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 1pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>% <BR>
Organic</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,122.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(76.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,046.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-1.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-1.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,038.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(417.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">61.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,682.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-7.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,222.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(103.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">38.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,157.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-5.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,124.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">172.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">14.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,936.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-8.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-0.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(515.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">42.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(6.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(478.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-7.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,991.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">161.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">25.8&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,805.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-9.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-1.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(483.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">39.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(446.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-7.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,914.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(244.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>75.5&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,745.3&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-5.8%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>57.8%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>58.6%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>80 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>80 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,643.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">136.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(28.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,535.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-6.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(162.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">29.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(122.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-24.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-18.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,806.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">147.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,657.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-8.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-0.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;Other operating income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">12.0&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1.0)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.4&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">11.4&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-4.9%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,120.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(98.0)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>77.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,099.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-1.9%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>22.2%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>23.5%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>130 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>130 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,415.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(120.7)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>59.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,353.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-4.4%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4.2%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>28.1%</I></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">&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; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>28.9%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>80 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>80 bps</I></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E; letter-spacing: 1.05pt"><B>9</B></FONT>
<FONT STYLE="color: windowtext">In 2Q26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace
products, were R$ 1,143.8 (3.9% organic growth) and R$ (437.5) (0.6% organic growth), respectively. In HY26, net revenue per hectoliter
and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace products, were R$ 1,155.1 (3.1% organic growth) and R$ (444.8)
(0.7% organic growth), respectively.</FONT></P>
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<P STYLE="font: 14pt/115% Avantt; margin: 6pt 0; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>AMBEV
CONSOLIDATED<SUP>10</SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Ambev</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>IAS 29 <BR>
3M Impact</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">39,569.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(401.9)</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">560.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">39,727.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">1.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">20,090.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(288.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(799.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(61.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">1,208.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">20,148.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">6.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">507.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(2.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(20.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(1.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">23.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">507.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-0.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">4.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(10,046.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">72.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">402.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">41.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(170.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(9,700.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-3.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">1.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(253.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(0.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">10.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">1.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(0.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(244.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-3.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(9,146.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">74.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">362.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">39.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(230.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(8,900.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-2.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">2.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(231.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(0.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">9.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">1.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(2.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(224.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-3.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">1.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>10,044.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>(215.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>(397.2)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>(19.9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>1,037.4&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>10,448.5&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>4.0%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>10.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>50.0%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>51.9%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>190 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>200 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(5,377.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">29.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">260.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">21.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(568.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(5,633.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">4.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">10.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(802.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">28.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">22.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">1.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">18.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(731.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-8.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-2.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(6,179.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">57.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">283.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">22.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(549.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(6,365.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">3.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">9.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">585.9&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">48.0&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">2.6&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(0.5)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">126.2&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">762.2&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">30.1%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">22.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>4,450.3&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>(109.9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>(111.1)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>613.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>4,845.5&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>8.9%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>14.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">% Normalized Operating margin</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>22.2%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>24.0%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>180 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>170 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">Exceptional items above EBITDA</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(51.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(7.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">4.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">22.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(31.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-39.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-44.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">Net finance results</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(974.0)</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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(486.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-50.1%</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">Share of results of joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(5.5)</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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">11.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">nm</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">Income tax expense</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(629.1)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">(864.5)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">37.4%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2,790.6&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">&nbsp;</TD>
    <TD STYLE="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: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>3,474.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>24.5%</B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2,717.7&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">&nbsp;</TD>
    <TD STYLE="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: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>3,386.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>24.6%</B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">Attributable to non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">72.8&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">&nbsp;</TD>
    <TD STYLE="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: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">87.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">20.5%</FONT></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>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2,832.7&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">&nbsp;</TD>
    <TD STYLE="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: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>3,492.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>23.3%</B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2,759.7&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">&nbsp;</TD>
    <TD STYLE="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: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>3,404.5&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>23.4%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>6,152.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>(135.5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>(174.3)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>(1.3)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>535.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>6,376.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>3.6%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>8.9%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>30.6%</I></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">&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; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>31.6%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>100 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>80 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 2pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Ambev</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>IAS 29 <BR>
3M Impact</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% <BR>
Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">84,887.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(776.4)</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">585.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">84,695.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">42,587.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(643.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(2,267.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(61.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,998.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">42,613.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">501.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(3.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(26.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(0.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">32.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">503.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(20,991.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">238.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,133.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">41.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,004.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(20,582.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-2.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(247.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(10.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(243.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(19,164.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">232.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,029.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">39.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,072.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(18,935.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(225.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">12.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(11.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(223.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>21,595.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>(404.9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>(1,133.9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>(19.9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,994.4&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>22,031.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2.0%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>9.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>50.7%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>51.7%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>100 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>100 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(11,027.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">78.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">652.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">21.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(837.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(11,111.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,588.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">44.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">53.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,488.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-6.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(12,615.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">123.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">705.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">22.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(836.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(12,599.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,201.1&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(13.6)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1.9)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(0.5)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">180.2&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,365.2&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.7%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">16.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>10,181.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>(295.3)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>(429.9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,338.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>10,797.0&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>6.0%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>13.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">% Normalized Operating margin</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>23.9%</I></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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>25.3%</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>140 bps</I></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>140 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Exceptional items above EBITDA</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(72.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(7.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">71.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-107.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-98.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Net finance results</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,830.4)</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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,542.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-15.7%</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(2.7)</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="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">nm</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Income tax expense</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,680.8)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,910.4)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.7%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>6,595.2&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">&nbsp;</TD>
    <TD STYLE="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: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>7,360.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>11.6%</B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>6,411.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>7,155.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>11.6%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Attributable to non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">183.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">205.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">11.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>6,652.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>7,325.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>10.1%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>6,469.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>7,119.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>10.1%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>13,597.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>(346.3)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>(587.7)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>(1.3)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,269.5&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>13,931.6&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2.5%</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>9.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>31.9%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>32.7%</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>80 bps</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>70 bps</I></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E; letter-spacing: 1.05pt"><B>10</B></FONT>
<FONT STYLE="color: windowtext">In 2Q26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace
products, were R$ 496.7 (5.2% organic growth) and R$ (215.7) (2.2% organic growth), respectively. In HY26, net revenue per hectoliter
and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace products, were R$ 492.5 (6.7% organic growth) and R$ (215.3)
(5.8% organic growth), respectively. The scope changes refer to (i) tax credits and related effects in Brazil; (ii) deconsolidation of
subsidiaries in CAC; and (iii) the organic growth cap methodology in Argentina results, when triggered, and the effects of applying the
Hyperinflation Accounting within the quarter in LAS.</FONT></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Other operating income/(expenses)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2Q25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2Q26</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>HY25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>HY26</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>R$ million</I></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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Government grants and subsidized loan gains</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">416.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">453.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">873.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">972.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(Additions to)/reversals of provisions&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(7.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">11.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(74.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Gains/(losses) on disposals of property, plant and equipment, intangible assets and investments in associates</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">29.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">34.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">62.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">62.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Other operating income/(expenses), net</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">147.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">263.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">340.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">325.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>585.9&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>762.2&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,201.1&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,365.2&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/115% Avantt; margin: 12pt 0; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>EXCEPTIONAL
ITEMS</B></FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">Exceptional items above EBITDA correspond primarily to restructuring
expenses related to organizational improvements, resizing initiatives, and digitalization efforts within the Group, as well as to the
effect related to the deconsolidation of balance sheet items, including subsidiaries restructuring.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Exceptional Items</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Restructuring</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(51.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(31.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(72.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(80.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Subsidiary restructuring&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">86.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(51.2)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(31.3)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(72.6)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5.6&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Arial,sans-serif; 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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

<P STYLE="font: 10pt/115% Avantt; margin: 12pt 0; text-align: justify; background-color: white">Net finance results in 2Q26 totaled R$&nbsp;(486.1)
million, an improvement of R$ 487.9 million compared to 2Q25, broken down as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Century Gothic,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Interest income totaled R$ 629.3 million, mainly explained by: (i) interest
income of R$ 325.5 million from cash balance investments in Brazil and Argentina, and (ii) interest rate on Brazilian tax credits of R$
170.9 million.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Century Gothic,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Interest expense totaled R$ (539.6) million, mainly impacted by: (i)
fair value adjustments of payables pursuant to IFRS 13 (CPC 46) of R$ (336.1) million, (ii) lease liabilities interest accruals of R$
(68.7) million in accordance with IFRS 16 (CPC 06 R2), (iii) interest on tax incentives of R$ (39.2) million, and (iv) CND put option
interest accruals of R$ (35.3) million.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Century Gothic,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Losses on derivative instruments of R$ (167.2) million, mainly explained
by (i) hedging carry costs related to our FX exposure of US$ 1.9 billion in Brazil, with approximately 9.6% carry cost, and (ii) hedging
carry costs related to commodities. We did not incur hedging costs related to FX exposure in Argentina this quarter; however, we still
maintain an FX exposure of US$ 241.5 million in the country.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Century Gothic,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Losses on non-derivative instruments of R$ (141.2) million, primarily
reflecting foreign exchange losses related to USD purchases in Bolivia, partially offset by a non-cash positive effect related to the
conversion of hard-currency balances held by the Company.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Century Gothic,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Taxes on financial transactions of R$ (51.1) million.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Century Gothic,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Other financial expenses of R$ (233.9) million, mainly explained by
accruals on legal contingencies, letter of credit expenses, pension plan expenses and bank fees.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Century Gothic,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Non-cash financial income of R$ 17.5 million resulting from the adoption
of hyperinflation accounting in Argentina.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Avantt; margin: 12pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Net finance results</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest income</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">497.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">629.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,061.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,195.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest expenses</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(504.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(539.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,011.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,074.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Gains/(losses) on derivative instruments</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(276.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(167.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(554.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(704.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Gains/(losses) on non-derivative instruments</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(527.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(141.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,015.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(447.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Taxes on financial transactions</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(50.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(51.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(119.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(105.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other net financial income/(expenses)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(83.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(233.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(164.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(434.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Hyperinflation Argentina</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(28.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">17.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(26.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">28.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net finance results&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(974.0)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(486.1)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,830.4)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,542.7)</B></FONT></TD></TR>
  </TABLE>

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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: 50%">&nbsp;</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Avantt; text-align: left; margin-top: 0; margin-bottom: 0; color: #1555E5"><B>ambev.com.br</B></P></TD><TD><P STYLE="text-align: right; font: 10pt Avantt; margin: 0; color: #404040"><B>Press Release &ndash; July 30, 2026</B></P></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="border-bottom: Black 0.5pt solid; font: 14pt/115% Avantt; margin: 0pt 0pt 6pt; text-align: justify; color: #1555E5"><FONT STYLE="letter-spacing: 1pt"><B>DEBT
BREAKDOWN</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Debt breakdown</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>December 31, 2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>June 30, 2026</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>R$ million</I></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Local currency</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">885.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,548.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2,433.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">807.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,305.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2,112.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Foreign currency</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">281.8&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">671.3&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">953.0&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">266.6</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">569.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">836.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Consolidated debt</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,167.3&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2,219.6&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>3,386.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,073.6&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,875.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2,949.0&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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Cash and cash equivalents less bank overdrafts</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">18,638.2&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">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">16,610.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Current investment securities</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,681.7&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">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,735.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>&nbsp;Net debt/(cash)&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; 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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(16,933.0)</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">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(15,397.4)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/115% Avantt; margin: 12pt 0; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>PROVISION
FOR INCOME TAX &amp; SOCIAL CONTRIBUTION</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Income tax and social contribution<SUP>11</SUP></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,419.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,339.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8,276.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9,270.7&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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Adjustment to the taxable basis</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">&nbsp;</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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other non-taxable income</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(167.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(180.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(330.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(326.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Government grants related to taxes on sales </FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(96.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(106.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(193.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(211.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(11.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Non-deductible expenses</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">64.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">220.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">305.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">307.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Taxation on a universal basis and other adjustments related to foreign subsidiaries&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">70.2&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">215.8&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.0&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">388.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,295.4&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,477.0&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8,064.8&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9,417.4&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B><I>Aggregated weighted nominal tax rate</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B><I>27.5%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B><I>30.0%</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B><I>27.6%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B><I>29.9%</I></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Taxes payable &#8211; nominal rate&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(906.1)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,341.0)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(2,224.1)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(2,813.6)</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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Adjustment to tax expenses</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">&nbsp;</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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax incentives</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">64.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">80.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">108.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">200.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Deductible interest on capital</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">272.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">358.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">594.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">766.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Tax savings arising from the amortization of goodwill</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.8&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Withholding income tax</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(59.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(21.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(103.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(131.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Argentina's hyperinflation effect</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(19.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">39.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(27.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">44.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Recognition/(write-off) of deferred charges on tax losses</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(17.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(38.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(45.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(35.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other tax adjustments</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">36.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">56.9&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">15.6&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">55.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income tax and social contribution expense</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(629.1)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(864.5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,680.8)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,910.4)</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Effective tax rate</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>18.4%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>19.9%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>20.3%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>20.6%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Avantt; margin: 0 0 12pt">&nbsp;</P>

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

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify">The table below summarizes Ambev S.A.&#8217;s shareholding structure
as of June 30, 2026.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Ambev S.A.'s shareholding structure</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>ON (&#8216;000 shares)</B></FONT></TD>
    <TD STYLE="width: 12%; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>% Outs</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">Interbrew International GmbH</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">8,441,666&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">53.56%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">Ambrew S.A.R.L.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,287,715&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">8.17%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">Funda&ccedil;&atilde;o Zerrenner</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">1,609,987&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">10.21%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">Market (free float)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">4,113,427&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">26.08%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">Treasury shares</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">310,870&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt">1.97%</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>15,763,665&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>100.00%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 7pt Avantt; margin: 0 8.1pt 0 0; text-align: justify"><B>11</B> Other non-taxable income and Other tax adjustments
lines are impacted by the effect of exceptional items below EBITDA.</P>
<!-- Field: Page; Sequence: 15 -->
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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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">Consequently, starting from 3Q18, we have been reporting the operations
of our Argentinean affiliates applying hyperinflation accounting. The IFRS and CPC standards (IAS 29/CPC 42) require the results of our
operations in hyperinflationary economies to be reported restating the year-to-date results adjusting for the change in the general purchasing
power of the local currency, using official indices, before converting the local amounts at the closing rate of the period (i.e., June
30, 2026 closing rate for 2Q26 and HY26 results).</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">The HY26 hyperinflation accounting adjustment results from the combined
effect of (i) the indexation to reflect changes in purchasing power on the HY26 results against a dedicated line in the finance results;
and (ii) the difference between the translation of the HY26 results at the closing exchange rate of June 30, 2026, and the translation
using the average year to date rate on the reported period, as applicable to non-inflationary economies.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">The impacts in 2Q25, HY25, 2Q26 and HY26 on Net Revenue and Normalized
EBITDA were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Impact of Hyperinflation Accounting (IAS 29/CPC42)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Revenue</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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Indexation(1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>179.9&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>173.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>256.3&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>241.8&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Currency(2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(472.1)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(189.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(608.5)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(174.8)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total Impact</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(292.2)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(16.6)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(352.2)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>67.1&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #1555E5"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; 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-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Indexation(1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>22.9&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(30.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(2.0)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(56.5)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Currency(2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(2.5)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(6.5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(21.4)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(4.4)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total Impact</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>20.4&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(37.3)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(23.4)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(60.9)</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="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>ARS/BRL average rate</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">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>190.8138&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>272.7728&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>ARS/BRL closing rate</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>218.8669&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>286.3902&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>218.8669&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>286.3902&nbsp;</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt/115% Century Gothic,sans-serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Avantt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Indexation calculated at each period&#8217;s closing exchange rate.</FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt/115% Avantt; margin: 12pt 0; text-align: justify">In 2Q26, the transition to hyperinflation accounting in accordance
with the IFRS rules resulted in (i) a positive adjustment of R$17.5 million reported in the finance results, (ii) a negative impact on
the Profit of R$ 123.4 million, (iii) a negative impact on the Normalized Profit of R$ 123.7 million, and (iv) a negative impact of R$
0.01 on EPS, as well as on Normalized EPS.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 12pt 0; text-align: justify">In HY26, the consequences of the transition were (i) a positive
adjustment of R$28.3 million reported in the finance results, (ii) a negative impact on the Profit of R$ 302.9 million, (iii) a negative
impact on the Normalized Profit of R$ 303.1 million, and (iv) a negative impact of R$ 0.02 on EPS, as well as on Normalized EPS.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 12pt 0; text-align: justify">The Q2 results are calculated by deducting from the HY results
the 3M results as published. Consequently, LAS and consolidated 2Q26, 2Q25, HY26 and HY25 results are impacted by the adjustment of 3M
results for the cumulative</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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Avantt; margin: 12pt 0; text-align: justify">inflation between reporting periods, as well as by the
translation of 3M results at the HY closing exchange rate, of June 30 as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>LAS - 3M As Reported</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,831.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">122.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,340.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">710.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,262.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,777.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(161.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">761.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(222.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,359.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,355.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(146.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">692.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(202.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,973.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,053.6&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(39.5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(579.1)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>488.1&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,903.3&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">12.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,268.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(48.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">419.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(302.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,177.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">13.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(218.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">22.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">30.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(16.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(180.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,487.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(25.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">450.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(318.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,357.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">12.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">16.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">21.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">40.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,583.0&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(63.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(131.1)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>176.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,566.6&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,223.4&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(70.8)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(231.1)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>212.6&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,132.8&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9.6%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>LAS - 3M Recalculated at YTD Exchange Rates</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,546.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">60.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,066.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">710.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,190.0&nbsp;</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,628.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(119.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">610.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(222.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,319.2)</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,219.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(106.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">553.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(202.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,936.6)</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,917.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(59.4)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(456.0)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>488.1&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,870.8&nbsp;</B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,192.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(26.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">342.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(302.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,156.9)</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(212.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">23.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">24.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(16.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(178.8)</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,404.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">367.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(318.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,335.7)</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">15.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">20.8&nbsp;</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,529.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(61.4)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(90.4)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>176.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,555.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,150.0&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(72.0)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(172.0)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>212.6&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,117.3&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>LAS - 3M Recalculation Impact in 2Q</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(284.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(61.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">274.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(72.2)</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">149.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">41.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(151.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">39.8&nbsp;</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">135.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">39.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(138.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">36.5&nbsp;</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(135.7)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(19.9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>123.1&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(32.4)</B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">76.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">21.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(77.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">20.5&nbsp;</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.5&nbsp;</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">82.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">22.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(83.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">22.0&nbsp;</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(0.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(0.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(0.3)</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(53.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>40.6&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(10.7)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(73.4)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1.3)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>59.1&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(15.6)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">For FY26, the definition of organic revenue growth has been amended to cap
the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year, and three-year cumulative of 100%). For COGS and distribution
expenses, the same price rate cap applies, calculated on a &#8220;per hectoliter&#8221; basis when applicable. For other income statement
lines disclosed, organic growth is calculated <I>pro rata</I> to the capped net revenue growth. Such calculation method applies to amounts
in local currency that are then converted from ARS (capped) to BRL using the applicable closing rate, and corresponding adjustments are
made through scope changes when triggered.</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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="border-bottom: Black 0.5pt solid; font: 14pt/115% Avantt; margin: 0pt 0pt 12pt; text-align: justify; color: #1555E5"><B>RECONCILIATION
BETWEEN NORMALIZED EBITDA &amp; PROFIT</B></P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0 12pt; text-align: justify">Normalized EBITDA, Normalized Operating Profit and Normalized
Profit are measures used by Ambev&#8217;s management to measure the Company&#8217;s performance.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0 12pt; text-align: justify">Normalized EBITDA is calculated excluding from Profit the following
effects: (i) Non-controlling interest; (ii) Income Tax expense; (iii) Share of results of associates; (iv) Net finance results; (v) Exceptional
items; and (vi) Depreciation &amp; Amortization.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0 12pt; text-align: justify">EBITDA is calculated excluding from Normalized EBITDA the following
effects: (i) Exceptional items and (ii) Share of results of associates.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Reconciliation - Profit to EBITDA</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Attributable to equity holders of Ambev</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,717.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,386.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6,411.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,155.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Attributable to non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">72.8&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">87.8&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">183.5&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">205.1&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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Profit</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,790.6&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,474.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,595.2&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>7,360.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items above EBITDA</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">51.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">31.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">72.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items below EBITDA<SUP>12</SUP></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(9.1)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(13.2)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(14.9)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(29.5)</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Profit</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,832.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,492.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,652.9&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>7,325.1&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items above EBITDA</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(51.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(31.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(72.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items below EBITDA</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">9.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">13.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">14.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">29.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax expense</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">629.1&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">864.5&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,680.8&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,910.4&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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Profit before taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,419.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,339.2&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8,276.0&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9,270.7&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(11.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net finance results</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">974.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">486.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,830.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,542.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items above EBITDA</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">51.2&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">31.3&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">72.6&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5.6)</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,450.3&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,845.5&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,181.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,797.0&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Depreciation &amp; amortization - total</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,702.4&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,531.1&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,415.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,134.6&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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,152.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,376.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>13,597.4&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>13,931.6&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items above EBITDA</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(51.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(31.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(72.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of joint ventures&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5.5)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">11.0&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2.7)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10.7&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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,096.1&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,356.4&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>13,522.0&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>13,947.9&nbsp;</B></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0"><FONT STYLE="color: #4B3A2E"><B>12</B></FONT> <FONT STYLE="color: windowtext">Exceptional
items below EBITDA correspond to the exceptional items that impacted income tax expenses.</FONT></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="border-bottom: Black 0.5pt solid; font: 14pt/110% Avantt; margin: 0pt 0pt 6pt; text-align: justify; color: #1555E5"><B>RECONCILIATION
OF NET FINANCE RESULTS BETWEEN INTERIM CONSOLIDATED FINANCIAL STATEMENTS AND PRESS RELEASE</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">Net finance results presented on page 12 are a summarized view used by Ambev&#8217;s
management to measure and analyze the Company&#8217;s financial performance. The reconciliation between such summarized view and Interim
Consolidated Financial Statements is presented below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border: white 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Reconciliation - Net finance results</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income from cash and cash equivalents</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">249.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">355.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">591.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">698.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income from debt securities</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">45.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">67.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">80.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">132.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income from other receivables</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">202.3&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">206.6&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">389.5&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">365.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Interest income</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>497.5&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>629.3&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,061.6&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,195.9&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest on accounts payable present value adjustment</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(273.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(336.1)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(545.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(647.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest on bank debts and tax incentives</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(43.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(41.1)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(87.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(87.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest on leases</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(63.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(68.7)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(121.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(140.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other interest expenses</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(124.6)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(93.7)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(256.4)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(198.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Interest expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(504.9)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(539.6)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,011.1)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,074.2)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Losses on hedging instruments</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(276.3)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(167.2)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(554.7)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(704.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gains/(losses) on derivative instruments</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(276.3)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(167.2)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(554.7)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(704.8)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exchange differences, net</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(527.5)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(141.2)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,015.4)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(447.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gains/(losses) on non-derivative instruments</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(527.5)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(141.2)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,015.4)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(447.3)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Taxes on financial transactions</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(50.8)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(51.1)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(119.8)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(105.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Taxes on financial transactions</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(50.8)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(51.1)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(119.8)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(105.8)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest on provisions for disputes and litigation</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(35.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(12.6)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(87.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(62.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest on pension plans</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(27.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(27.5)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(55.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(58.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Bank guarantee expenses and surety bond premiums</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(101.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(113.8)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(170.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(185.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other net financial income/(expenses)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">80.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(80.1)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">148.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(127.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Other net financial income/(expenses)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(83.5)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(233.9)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(164.8)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(434.7)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Effects of the application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(28.4)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">17.5&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(26.2)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">28.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Hyperinflation Argentina</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(28.4)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>17.5&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(26.2)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>28.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net finance results&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(974.0)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(486.1)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,830.4)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,542.7)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt 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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 14pt/115% Avantt; margin: 0 0 12pt; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>2Q
2026 EARNINGS CONFERENCE CALL</B></FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 0">&nbsp;</P>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Avantt">
  <TR>
    <TD STYLE="vertical-align: middle; width: 16%">Speakers:</TD>
    <TD STYLE="vertical-align: middle; width: 84%">Carlos Lisboa</TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle">Chief Executive Officer</TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Guilherme Fleury</TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle">Chief Financial and Investor Relations Officer</TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Language:</TD>
    <TD>English and Portuguese (simultaneous translation)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Date:</TD>
    <TD STYLE="vertical-align: middle">July 30<SUP>th</SUP>, 2026 (Thursday)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Time:</TD>
    <TD STYLE="vertical-align: middle">12:30 (Bras&iacute;lia)</TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">11:30 (New York)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Avantt; margin: 0">&nbsp;</P>

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

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


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

<P STYLE="font: 10pt Avantt; margin-right: 0; margin-left: 0">English: <FONT STYLE="color: rgb(61,133,156)"><U>Webcast - English</U></FONT></P>

<P STYLE="font: 12pt Avantt; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">Portuguese: <FONT STYLE="color: rgb(61,133,156)"><U>Webcast
- Portuguese</U></FONT></FONT></P>

<P STYLE="font: 10pt Avantt; text-align: justify; margin-right: 0; margin-left: 0">Sell side analysts covering the company as indicated
on our website can participate and apply for Q&amp;A by clicking <FONT STYLE="color: rgb(61,133,156)"><U>here</U></FONT>.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center; width: 33%"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Patrick Conrad</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center; width: 34%"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Elisa Moukarzel Sbardelini</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center; width: 33%"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Leandro Ferreira De Souza</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 12pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center; line-height: 115%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: rgb(61,133,156); line-height: 115%"><B><U>patrick.conrad@ambev.com.br</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 12pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center; line-height: 115%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: rgb(61,133,156); line-height: 115%"><B><U>elisa.sbardelini@ambev.com.br</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 12pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center; line-height: 115%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: rgb(61,133,156); line-height: 115%"><B><U>leandro.ferreira.souza@ambev.com.br</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Avantt; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/115% Avantt; margin-top: 0; margin-bottom: 12pt; text-align: center; color: rgb(61,133,156)"><B><U>ri.ambev.com.br</U></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="border-bottom: Black 0.5pt solid; font: 14pt/115% Avantt; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; color: #1555E5"><B>NOTES</B></P>

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

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">Whenever used in this document, terms referring to percentage changes
are intended to simplify the reader&#8217;s understanding and correspond to the following ranges, regardless of whether the variance is
positive or negative: flat (0.0 - 0.1%); low-single digit (0.2 - 3.3%); mid-single digit (3.4 - 6.6%); high-single digit (6.7 - 9.9%);
double-digit (10.0 - 19.9%); low-teens <FONT STYLE="line-height: 115%">(10.1 - 13.3%); mid-teens (13.4 - 16.6%); high-teens (16.7 - 19.9%);
twenties (20.0 - 29.9%); low-twenties (20.1 &#8211; 23.3%); mid-twenties (23.4 &#8211; 26.6%); high-twenties (26.7 &#8211; 29.9%). For
higher percentages that exceed the prior defined ranges, the same classification logic shall be applied accordingly.</FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">Unless stated, percentage changes in this press release are both
organic and normalized in nature. Whenever used in this document, the term &#8220;normalized&#8221; refers to performance measures EBITDA
and Operating Profit before exceptional items and share of results of joint ventures and to performance measures Profit and EPS before
exceptional items adjustments. Exceptional items are either income or expenses which do not occur regularly as part of the normal activities
of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance
of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the
measures determined in accordance with IFRS as indicators of the Company&#8217;s performance. Comparisons, unless otherwise stated, refer
to the second quarter of 2025 (2Q25). Values in this release may not add up due to rounding.</P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border: white 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt">
    <P STYLE="font: 8pt Avantt; margin: 0; color: #1555E5"><B>Ambev - EBITDA to Normalized EBITDA</B></P>
    <P STYLE="font: 8pt Avantt; margin: 0; color: #1555E5"><B>Reconciliation by Segment</B></P></TD>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>CAC</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>LAS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>Canada</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>Ambev</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B><I>Organic results</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>Beer</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>NAB</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>Total</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>EBITDA</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2,855.6&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>3,267.5&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>13.1%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>534.2&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>610.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>13.8%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>3,389.8&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>3,878.2&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>13.1%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>1,192.2&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>1,023.9&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>6.4%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>590.9&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>581.2&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>3.6%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>923.2&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>873.2&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>4.4%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>6,096.1&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>6,356.4&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>9.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>46.8%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>51.4%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>8.8%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>9.6%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>55.6%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>61.0%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>19.6%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>16.1%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>9.7%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>9.1%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>15.1%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>13.7%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>100.0%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>100.0%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Exceptional items</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-7.6&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-5.1&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-32.3%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-7.6&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-5.1&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-32.3%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-2.3&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-3.4&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-40.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-25.2&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-20.7&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-21.3%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-16.1&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-2.1&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-85.8%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-51.2&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-31.3&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-44.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% of total</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>14.8%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>16.5%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>0.0%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>0.0%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>14.8%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>16.5%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>4.5%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>10.7%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>49.3%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>66.1%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>31.4%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>6.7%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>100.0%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><I>100.0%</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Share of results of joint ventures&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-5.5&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-2.6&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-52.5%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-5.5&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-2.6&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-52.5%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">13.6&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-5.5&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">11.0&nbsp;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">nm</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">% of total</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">100.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-23.5%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">100.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">-23.5%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">123.5%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">0.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">100.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black">100.0%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2,868.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>3,275.2&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>12.8%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>534.2&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>610.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>13.8%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>3,402.9&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>3,885.9&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>13.0%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>1,194.5&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>1,013.6&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>4.9%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>616.1&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>601.8&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2.6%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>939.2&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>875.3&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>2.9%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>6,152.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>6,376.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>8.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>46.6%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>51.4%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>8.7%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>9.6%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>55.3%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>60.9%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>19.4%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>15.9%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>10.0%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>9.4%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>15.3%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>13.7%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>100.0%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: black"><B>100.0%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border: white 1pt solid; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Ambev - EBITDA to Normalized EBITDA Reconciliation by Segment</B></FONT></TD>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>CAC</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>LAS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Ambev</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>Organic results</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Beer</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>NAB</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Total</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>EBITDA</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>6,480.6&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>7,114.6&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>10.1%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,166.2&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,335.7&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>15.2%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>7,646.8&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>8,450.3&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>10.9%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2,287.1&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2,074.6&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>14.2%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2,189.0&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2,071.7&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>7.9%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,399.1&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,351.3&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>5.2%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>13,522.0&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>13,947.9&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>10.3%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>47.9%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>51.0%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>8.6%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>9.6%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>56.6%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>60.6%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>16.9%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>14.9%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>16.2%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>14.9%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>10.3%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>9.7%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 4.5pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 4.5pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-17.3&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-11.0&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-17.3&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-11.0&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-36.5%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-4.8&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">79.8&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">nm</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-34.4&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-61.1&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">117.7%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-16.1&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-2.1&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-85.8%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-72.6&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.6&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-98.1%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% of total</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>23.8%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>-194.8%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>0.0%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>0.0%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>23.8%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>-194.7%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>6.6%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>1416.0%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>47.4%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>-1084.1%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>22.1%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>-37.2%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>100.0%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>100.0%</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of joint ventures&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-2.8&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-2.9&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-2.8&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-2.9&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.6&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.0&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-100.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-2.7&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10.7&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">nm</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">% of total</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">101.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-27.6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">101.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-27.6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">127.6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>6,500.7&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>7,128.5&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>9.9%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,166.2&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,335.7&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>15.2%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>7,666.9&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>8,464.2&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>10.7%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2,292.0&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,981.2&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>9.0%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2,223.4&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2,132.8&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>9.6%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,415.1&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,353.4&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>4.2%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>13,597.4&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>13,931.6&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>9.6%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>47.8%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>51.2%</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>8.6%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>9.6%</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>56.4%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>60.8%</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>16.9%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>14.2%</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>16.4%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>15.3%</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>10.4%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>9.7%</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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="font-family: Arial,sans-serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    </TR>
  </TABLE>

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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: 50%">&nbsp;</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Avantt; text-align: left; margin-top: 0; margin-bottom: 0; color: #1555E5"><B>ambev.com.br</B></P></TD><TD><P STYLE="text-align: right; font: 10pt Avantt; margin: 0; color: #404040"><B>Press Release &ndash; July 30, 2026</B></P></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Ambev - Segment financial information</B></FONT></TD>
    <TD COLSPAN="9" STYLE="vertical-align: bottom; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>CAC</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>LAS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Ambev</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>Organic results</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Beer</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>NAB</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Total</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; 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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>2Q26</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">20,042.3&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">21,034.9&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.0%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7,962.4&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7,615.3&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-4.4%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">28,004.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">28,650.2&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.3%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,924.1&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,659.4&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.4%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6,194.1&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6,015.0&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-2.9%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,446.4&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,403.3&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.8%</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">39,569.3&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">39,727.9&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.4%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>R$ million</I></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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8,989.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9,791.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,031.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,060.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">11,020.8&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">11,851.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,784.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,317.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3,295.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3,226.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,989.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,753.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">20,090.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">20,148.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>44.7%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>48.6%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.1%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.2%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>54.9%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>58.8%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>13.9%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.5%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>16.4%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>16.0%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>14.9%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>13.7%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(4,413.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(4,694.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,182.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,088.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-8.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(5,596.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(5,782.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,244.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(967.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,943.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,822.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,261.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,127.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(10,046.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(9,700.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>43.9%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>48.4%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.8%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.2%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>55.7%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>59.6%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>12.4%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.0%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>19.3%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>18.8%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>12.6%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.6%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4,576.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5,096.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">11.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">848.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">972.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5,424.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6,068.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">11.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,539.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,349.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,351.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,403.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,728.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,626.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10,044.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10,448.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>45.6%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>48.8%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.4%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.3%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>54.0%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>58.1%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>15.3%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>12.9%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>13.5%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>13.4%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>17.2%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>15.6%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(3,090.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(3,381.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(543.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(557.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(3,633.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(3,938.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(539.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(451.6)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,046.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,082.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">16.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(959.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(892.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(6,179.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(6,365.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>50.0%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>53.1%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.8%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.8%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>58.8%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>61.9%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.7%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>7.1%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>16.9%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>17.0%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>15.5%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>14.0%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">459.8&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">657.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">35.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">130.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">111.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-16.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">590.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">768.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">23.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(11.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(17.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">149.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-51.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">nm</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">585.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">762.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">22.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>78.5%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>86.2%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>22.3%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>14.7%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.8%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.9%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>-2.0%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>-2.3%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>0.8%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>0.5%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>0.4%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>0.9%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,945.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,372.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">20.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">435.8&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">526.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">20.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,380.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,899.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">20.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">989.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">880.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">309.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">324.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">771.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">740.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4,450.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4,845.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>43.7%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>49.0%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.8%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.9%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>53.5%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>59.8%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>22.2%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>18.2%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>6.9%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>6.7%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>17.3%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>15.3%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,868.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3,275.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">12.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">534.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">610.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3,402.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3,885.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,194.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,013.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">616.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">601.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">939.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">875.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6,152.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6,376.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>46.6%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>51.4%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.7%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.6%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>55.3%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>60.9%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>19.4%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>15.9%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.0%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.4%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>15.3%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>13.7%</I></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of net revenue</I></B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-49.1%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-48.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-58.2%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-52.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-50.8%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-48.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-44.7%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-41.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-59.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-56.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-42.2%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-40.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-50.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-48.1%</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">50.9%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">52.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">41.8%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">47.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">49.2%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">51.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">55.3%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">58.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">41.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">43.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">57.8%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">59.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">50.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">51.9%</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-34.4%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-34.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-26.7%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-27.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-33.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-33.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-19.4%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-19.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-31.8%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-33.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-32.1%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-32.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-30.8%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-31.6%</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.1%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.4%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.4%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.4%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.1%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.1%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.9%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.8%</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">21.6%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">21.5%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">25.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">21.6%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">35.5%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">38.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.4%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">25.8%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">26.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">22.2%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.0%</FONT></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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">31.9%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">33.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">26.3%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">29.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">30.9%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">32.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">42.9%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">43.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">18.7%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">18.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">31.4%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">31.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">30.6%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">31.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>Per hectoliter - (R$/hl)</I></B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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; background-color: #F2F2F2; 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">448.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">465.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">255.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">270.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">393.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">413.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">952.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">871.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">532.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">536.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,222.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,145.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">507.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">507.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(220.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(223.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(148.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(142.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-3.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(199.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(201.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(425.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(363.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-2.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(313.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(303.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(515.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(469.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(253.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(244.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">228.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">242.3&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">106.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">127.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">19.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">193.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">211.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">526.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">507.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">218.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">233.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">16.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">706.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">676.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">253.8&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">263.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(154.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(160.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.2%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(68.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(73.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(129.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(137.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(184.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(169.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(169.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(180.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">19.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(392.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(371.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(156.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(160.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">22.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">31.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">28.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">16.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-13.1%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">21.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">26.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">20.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(3.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(6.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">136.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-50.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">nm</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.8&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">19.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">20.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">97.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">112.8&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">54.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">69.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">25.9%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">85.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">101.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">17.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">338.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">331.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.3%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">49.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">54.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">315.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">308.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.8%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">112.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">122.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">12.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">143.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">155.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">67.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">80.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">19.0%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">121.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">135.6&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10.4%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">408.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">381.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.5%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">99.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.6%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">383.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">364.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.7%</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">155.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">160.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 23 -->
    <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: 50%">&nbsp;</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Avantt; text-align: left; margin-top: 0; margin-bottom: 0; color: #1555E5"><B>ambev.com.br</B></P></TD><TD><P STYLE="text-align: right; font: 10pt Avantt; margin: 0; color: #404040"><B>Press Release &ndash; July 30, 2026</B></P></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Ambev - Segment financial information</B></FONT></TD>
    <TD COLSPAN="9" STYLE="border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>CAC</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>LAS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Ambev</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>Organic results</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Beer</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>NAB</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Total</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; 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; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY25</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>HY26</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">43,201.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">44,464.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">16,896.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">16,198.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-4.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">60,098.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">60,663.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5,675.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5,219.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">14,991.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">14,766.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4,122.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4,046.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">84,887.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">84,695.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.7%</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>R$ million</I></B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">18,990.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">20,751.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4,285.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4,355.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">23,276.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">25,106.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5,441.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4,562.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8,831.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8,262.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5,038.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4,682.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">42,587.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">42,613.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>44.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>48.7%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.2%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>54.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>58.9%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>12.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.7%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>20.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>19.4%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.0%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(9,120.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(10,046.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(2,467.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(2,294.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-7.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(11,588.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(12,341.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(2,502.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,945.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(4,777.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(4,359.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(2,124.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,936.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(20,991.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(20,582.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>43.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>48.8%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.1%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>55.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>60.0%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.5%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>22.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>21.2%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.4%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9,869.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10,704.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,818.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,060.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">11,688.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">12,765.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,939.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,617.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4,053.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3,903.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">12.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,914.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,745.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">21,595.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">22,031.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>45.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>48.6%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.4%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>54.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>57.9%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>13.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.9%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>18.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>17.7%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>13.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>12.5%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(6,143.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(6,548.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,112.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,120.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(7,256.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(7,668.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,065.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(915.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">11.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(2,487.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(2,357.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">12.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,806.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,657.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(12,615.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(12,599.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>48.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>52.0%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.9%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>57.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>60.9%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>7.3%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>19.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>18.7%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>14.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>13.2%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">920.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,128.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">25.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">255.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">216.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-13.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,175.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,345.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">17.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(2.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(12.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">16.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">21.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">40.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">12.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">11.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,201.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,365.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">16.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>76.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>82.7%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>21.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>15.9%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>97.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>98.6%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>-0.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>-0.9%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>1.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>1.5%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>1.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>0.8%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4,646.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5,284.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">960.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,157.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">21.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5,607.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6,442.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">15.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,871.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,689.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,583.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,566.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">11.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,120.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,099.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10,181.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10,797.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>45.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>48.9%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.7%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>55.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>59.7%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>18.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>15.6%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>15.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>14.5%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.2%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6,500.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7,128.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,166.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,335.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">15.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7,666.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8,464.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,292.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,981.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,223.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,132.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,415.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,353.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13,597.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13,931.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>47.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>51.2%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.6%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>56.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>60.8%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>16.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>14.2%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>16.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>15.3%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.7%</I></B></FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of net revenue</I></B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-48.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-48.4%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-57.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-52.7%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-49.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-49.2%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-46.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-42.6%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-54.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-52.8%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-42.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-41.4%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-49.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-48.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">52.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">51.6%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">42.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">47.3%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">50.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">50.8%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">54.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">57.4%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">45.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">47.2%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">57.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">58.6%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">50.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">51.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-32.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-31.6%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-26.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-25.7%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-31.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-30.5%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-19.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-20.1%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-28.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-28.5%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-35.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-35.4%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-29.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-29.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.4%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.0%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.4%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.3%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.3%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.2%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">25.5%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">22.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">26.6%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">25.7%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">34.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">37.0%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">17.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">19.0%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">22.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">23.5%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">23.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">25.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">34.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">34.4%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">27.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">30.7%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">32.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">33.7%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">42.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">43.4%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">25.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">25.8%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">28.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">28.9%</FONT></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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">31.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">32.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>Per hectoliter - (R$/hl)</I></B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">439.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">466.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">253.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">268.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">387.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">413.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">958.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">874.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">589.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">559.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,222.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1,157.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">501.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">503.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(211.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(226.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(146.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(141.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-3.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(192.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(203.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(440.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(372.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-4.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(318.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(295.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(515.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(478.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(247.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(243.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">228.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">240.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">107.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">127.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">18.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">194.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">210.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">517.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">501.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">270.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">264.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">707.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">678.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">254.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">260.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(142.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(147.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(65.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(69.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(120.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(126.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(187.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(175.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(165.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(159.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(438.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(409.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(148.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(148.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">21.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">25.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">22.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">15.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">-9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">19.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">22.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">16.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(0.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">(2.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">42.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">16.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">15.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">107.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">118.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">10.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">56.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">71.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">26.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">93.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">106.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">329.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">323.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">105.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">106.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">12.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">271.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">271.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">119.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">127.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">12.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">150.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">160.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">69.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">82.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">20.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">127.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">139.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">403.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">379.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">148.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">144.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">11.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">343.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">334.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">160.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">164.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    </TR>
  </TABLE>


<!-- Field: Page; Sequence: 24 -->
    <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: 50%">&nbsp;</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Avantt; text-align: left; margin-top: 0; margin-bottom: 0; color: #1555E5"><B>ambev.com.br</B></P></TD><TD><P STYLE="text-align: right; font: 10pt Avantt; margin: 0; color: #404040"><B>Press Release &ndash; July 30, 2026</B></P></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>CONSOLIDATED BALANCE SHEET</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-top: white 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-top: white 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>December 31, 2025</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>June 30, 2026</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="background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Assets</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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Current assets</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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">18,638.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">16,610.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Investment securities</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,681.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,735.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Trade receivables</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6,351.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,569.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">769.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">631.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Inventories</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10,520.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10,416.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Recoverable taxes</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,623.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,677.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other assets</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,911.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,457.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">379.4&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">377.0&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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>43,875.6&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>40,474.6&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="background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Non-current assets</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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Investment securities&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">123.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">78.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Recoverable taxes</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10,149.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10,143.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Deferred tax assets</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,404.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,399.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other assets&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,784.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,704.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">29.9&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">28.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Long term assets</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>20,500.4&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>20,358.1&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="background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>485.8&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,077.6&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>27,644.3&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>25,644.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Intangible assets</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11,042.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,567.9&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Goodwill</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>41,538.4&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>40,086.6&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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>101,211.6&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>97,734.4&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>145,087.2</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>138,209.0</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="background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Equity and liabilities</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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Current liabilities</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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Trade payables</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">23,742.8&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,725.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">925.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,131.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest-bearing loans and borrowing</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,167.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,073.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Payroll and social security payables</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,200.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,136.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Dividends and interest on capital payables</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,927.8&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,194.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,437.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,166.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">6,003.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,879.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other liabilities, including put options granted on subsidiaries</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,623.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,653.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Provisions</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">571.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">662.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>45,599.3&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>39,621.9&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="background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Non-current liabilities</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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Trade payables&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">313.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">238.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivative financial instruments&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest-bearing loans and borrowing</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,219.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,875.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Deferred tax liabilities</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,912.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,856.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax and social contribution payable&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">713.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">570.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Taxes and contributions payable&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">659.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">684.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other liabilities</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Provisions&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">877.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">707.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,012.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,754.0&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; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,713.1&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9,693.9&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>56,312.4</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>49,315.8</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="background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Equity</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">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Issued capital</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">58,275.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">58,307.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Reserves</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">108,003.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">105,397.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Carrying value adjustments</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(78,364.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(82,915.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Retained earnings/(losses)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,524.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Equity attributable to Ambev&#8217;s shareholders</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>87,914.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>88,313.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Non-controlling interest</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">860.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">580.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total Equity</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>88,774.8&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>88,893.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total equity and liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>145,087.2</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>138,209.0</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 25 -->
    <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: 50%">&nbsp;</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Avantt; text-align: left; margin-top: 0; margin-bottom: 0; color: #1555E5"><B>ambev.com.br</B></P></TD><TD><P STYLE="text-align: right; font: 10pt Avantt; margin: 0; color: #404040"><B>Press Release &ndash; July 30, 2026</B></P></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>CONSOLIDATED INCOME STATEMENT</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,090.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,148.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">42,587.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">42,613.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Cost of goods sold&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10,046.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(9,700.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(20,991.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(20,582.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,044.1&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,448.5&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>21,595.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>22,031.4&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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Distribution expenses</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,580.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,697.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,457.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5,469.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,172.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,335.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,242.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,337.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Administrative expenses</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,426.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,331.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,915.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,792.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">585.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">762.2&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,201.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,365.2&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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,450.3&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,845.5&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,181.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,797.0&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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(51.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(31.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(72.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.6&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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,399.1&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,814.3&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,109.1&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,802.6&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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net finance results</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(974.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(486.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,830.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,542.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">11.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2.7)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10.7&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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,419.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,339.2&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8,276.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9,270.7&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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax expense</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(629.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(864.5)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,680.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,910.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Profit</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,790.6&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,474.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,595.2&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>7,360.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Equity holders of Ambev</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,717.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,386.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,411.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>7,155.2&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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Non-controlling interest</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>72.8&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>87.8&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>183.5&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>205.1&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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Basic earnings per share (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.17&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.22&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.41&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.46&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Diluted earnings per share (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.17&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.22&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.41&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.46&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Profit</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,832.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,492.7&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,652.9&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>7,325.1&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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Normalized basic earnings per share (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.18&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.22&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.41&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.46&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Normalized diluted earnings per share (R$)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.18&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.22&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.41&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.45&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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Number of basic shares outstanding (millions of shares)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,613.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,513.7&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,638.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,610.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Number of diluted shares outstanding (millions of shares)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,685.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,580.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,711.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,676.3&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 26 -->
    <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: 50%">&nbsp;</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Avantt; text-align: left; margin-top: 0; margin-bottom: 0; color: #1555E5"><B>ambev.com.br</B></P></TD><TD><P STYLE="text-align: right; font: 10pt Avantt; margin: 0; color: #404040"><B>Press Release &ndash; July 30, 2026</B></P></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: 50%"><P STYLE="font: 9pt Avantt; margin: 0; text-align: left">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="abevpr2q266k_001.jpg" ALT=""></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>CONSOLIDATED STATEMENT OF CASH FLOWS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2Q26</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY25</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>HY26</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net income</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,790.6&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,474.7&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,595.2&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>7,360.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Depreciation, amortization and impairment</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,702.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,531.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,415.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,134.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Impairment losses on receivables and inventory</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">59.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">52.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">139.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">101.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Additions to/(reversals of) provisions and employee benefits</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">80.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">199.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">55.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net financial results</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">974.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">486.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,830.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,542.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Losses/(gains) on sales of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(29.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(34.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(62.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(62.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Losses/(gains) on sales of operations in subsidiaries</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(86.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Share-based payment expenses</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">107.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">97.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">206.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">190.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax expenses</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">629.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">864.5&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,680.8&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,910.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of associates and joint ventures</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(11.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Hedge operations</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(111.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(177.3)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(697.5)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(116.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash flow from operating activities before changes in working capital</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,207.9&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,287.8&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>13,310.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>14,019.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(Increase)/decrease in trade and other receivables</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">208.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">689.1&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">921.3&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">662.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(Increase)/decrease in inventories</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">457.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(220.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(555.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(463.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Increase/(decrease) in trade and other payables</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,931.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,416.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(6,976.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,731.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash generated from operations</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,942.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5,339.8&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,699.9&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>9,486.6&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest paid</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(141.8)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(154.4)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(379.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(355.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest received</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">282.8&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">358.9&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">649.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">792.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Dividends received</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.5&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">31.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">112.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax paid</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,036.1)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(863.9)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,723.1)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,163.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,050.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,711.4&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,254.0&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>7,872.3&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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Proceeds from sales of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">34.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">44.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">66.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">78.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Acquisitions of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,088.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(879.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,916.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,346.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Sale/(acquisition) and others related to subsidiaries, net of cash</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.1&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">65.0&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(40.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,952.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Investments in short-term debt securities and net proceeds/(acquisitions) of debt securities</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">91.2&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(80.1)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">142.4&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(47.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net proceeds/(acquisitions) of other assets</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.1&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(0.4)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(0.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash flow from/(used in) investing activities</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(961.3)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(851.0)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,745.7)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(3,268.3)</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="background-color: #F2F2F2; 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: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Capital increases(reduction)/ in associates and subsidiaries</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(43.7)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">21.6&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(28.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Proceeds from/(buybacks of) treasury shares</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(774.6)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,239.2)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,831.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,652.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Acquisitions of non-controlling interest</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(0.0)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Proceeds from borrowing</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">42.9&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">10.4&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">50.7&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">25.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Repayments of borrowing</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(42.2)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(39.8)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(91.4)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(103.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Cash net of finance costs other than interest</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(810.9)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(686.9)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,650.1)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,174.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Payments of lease liabilities</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(292.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(287.0)</FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(594.3)</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(555.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">Dividends and interest on capital paid</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,080.6)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,182.9)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(8,692.0)</FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,184.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash flow from/(used in) financing activities</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(3,959.7)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(4,468.9)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(12,786.6)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(5,673.5)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; 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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net increase/(decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,871.0)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(608.5)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(10,278.3)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,069.4)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash and cash equivalents at the beginning of the period</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>19,118.4&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>17,991.9&nbsp;</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>28,595.7&nbsp;</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>18,638.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Effects of exchange rate fluctuations on cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(843.4)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(772.6)</B></FONT></TD>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,913.3)</B></FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(958.1)</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-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash and cash equivalents at the end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>16,404.0&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>16,610.8&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>16,404.0&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>16,610.8&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 27; Options: NewSection; Value: 27 -->
    <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: 50%">&nbsp;</TD><TD STYLE="width: 50%">&nbsp;</TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Avantt; text-align: left; margin-top: 0; margin-bottom: 0; color: #1555E5"><B>ambev.com.br</B></P></TD><TD><P STYLE="text-align: right; font: 10pt Avantt; margin: 0; color: #404040"><B>Press Release &ndash; July 30, 2026</B></P></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: 50%">&nbsp;</TD><TD STYLE="width: 50%">&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>
