Ambev S A : Annual and Sustainability Report 2024 – Fiscal Year 2023

2023

ANNUAL AND SUSTAINABILITY REPORT

SUMMARY

Presentation	8	Together for	45
Message from management	9	a better world
Corporate governance	47
Letter from the Board of Directors	9	Ethics and compliance	48
Message from Chief Executive Officer	11	Sustainability management	53
Highlights of the year	13	Environmental management	56
Climate strategy	58
Awards and recognition	15	Goals and metrics	59
Nice to meet you,		Renewable energy	67
18	Water stewardship	68
we are AMBEV	Regenerative and sustainable agriculture	71
Materiality	21	Circular economy	74
Brands for each		Positive social impact and productive inclusion	75
23	Supplier management	79
and everyone	Health	81
Our products	25	Security	83
Raw materials	29	Responsible consumption	85
Our main ingredients	29	Diversity, equity and inclusion	89
Thirst to lead the future	31	People development	95
Sustainable
Innovation strategy	33	101
Relationship with startups	35	value creation
A toast to our customers'		Strategy and business model	103
37	The path we have already taken so far.
success	Results and ambitions	106
Customer management	39	Economic performance	107
Associations and initiatives	109
Competitive conduct	39
Experiences that	41	Appendix	111
come to you	Indicators tables	113
Advertising and consumer protection	43	SASB	131
GRI index	135
Digital solutions	44

PRESEN TATION

GRI 2-3

Throughout the publication, external links will be identified with the following icon.

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Ambev's 2023 Annual and Sustainability Report provides relevant information about our business, and it highlights our work to expand the positive impact and value creation, aiming at a future with more cheers. In the past years, Ambev evolved, transformed itself and has been working to create value in the business and beyond our walls.

All data presented in this publication complies with the Global Reporting Initiative (GRI) - Standards 2021, which establishes internationally recognized standards for reporting aspects of corporate sustainability management and sustainability transparency. The subjects presented throughout the six chapters are related to the Company's material topics (see page 22) and aligned with the Sustainable Development Goals (SDGs).

The report covers the Company's operations in Brazil, Latin America South - LAS, Central America and the Caribbean - CAC and Canada, from January 1st to December 2023, focusing on breweries and soft drinks operations.

See on the following pages how we work to create shared value and build together a better world for all.

Nice reading!

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MESSAGE FROM MANAGEMENT

GRI 2-22

LETTER FROM THE

BOARD OF DIRECTORS

2023 marked an important step in our journey of long-term growth. We made disciplined revenue management and resource allocation choices, delivering broad-based growth with top- and bottom-line increases in operating regions. We also made significant progress in leading and growing the beer category while generating shared value and having a positive social impact across our ecosystem. Our results are a testament to the strength of the beer category, resilience of our business and people, consistent execution of our replicable growth drivers, and our unwavering commitment to invest in sustainable value creation.

During the year, we continued to progress in our transformation journey and delivered on our strategy of leading and growing the category, digitizing, and monetizing our ecosystem, and optimizing our business. Our commercial momentum in Brazil remained steadfast, while we successfully revitalized our performance in the Central America and Caribbean markets. Fueled by the rigorous execution of our commercial plan, Brazil once again emerged as a standout performer. Premium and super-premium brands saw a remarkable surge of approximately 25% throughout the year, spearheaded by Corona, Spaten, and Original. As a result, we realized our primary objectives for the year,

Michel Doukeris

Chairman of the Board of

Directors

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with a robust 24.1% increase in net revenue, driven by a notable 29.7% rise in net revenue per hectoliter (ROL/hl) in the fourth quarter of 2023, a year when the beer industry in Brazil reached its highest historical level of growth.

Our digital solutions, such as Zé Delivery and BEES, gained substantial traction in the market, reaching millions of consumers and retail customers. The adoption of BEES by our clients resulted in a notable increase in our Net Promoter Score (NPS), which measures ecosystem satisfaction and relationships with bars and restaurants, reaching record levels with a 13% increase compared to 2022. In the realm of direct-to-consumer, Zé Delivery has broadened its reach and visibility across Brazil, boasting a user base of 5.7 million Monthly Active Users (MAU), marking a 19% increase compared to the previous year. Meanwhile, TaDá has launched

in six markets, further enhancing our direct-to- consumer offerings.

We made significant progress in leading and growing the beer category while generating shared value and having a positive social impact across our ecosystem. Our increased investment in sustainability initiatives is aligned with our strategic objectives for 2025, benefiting both Ambev and our key stakeholders.

As we reflect on 2023, we learn from the challenges faced and celebrate another year of evolution. Our team's resilience, unwavering commitment, and increasingly strong organizational culture contribute to shaping a better future for society. We remain steadfast in our pursuit of our purpose of creating a future with more cheers.

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