AmBev SA has reported its second-quarter 2025 financial results, revealing a mixed performance across its business units. The company experienced a 4.5% decline in total volumes organically compared to the previous year, largely driven by soft industry conditions. In Brazil, volumes decreased by 6.5%, with an 8.9% drop in Beer partially offset by a slight 0.2% increase in the NAB segment. Conversely, Latin America South and Canada saw volume growth of 2.9% and 0.8%, respectively. The company's net revenue grew organically by 3.4%, supported by a net revenue per hectoliter growth of 8.4%. Notably, net revenue increased by 23.3% in Latin America South, 6.7% in Brazil NAB, and 2.9% in Canada. However, net revenue declined by 3.5% in Brazil Beer and 1.3% in Central America and the Caribbean, attributed to volume performance. AmBev's normalized EBITDA rose organically by 7.6% compared to the previous year, with a margin expansion noted. The company's top-line performance in Brazil NAB was bolstered by a 6.7% increase, driven by its revenue management strategy and improved brand equity. In contrast, the Brazil Beer segment experienced a 4% decline in volume, resulting in stable net revenue compared to the previous period. The report highlights the strength of AmBev's brand portfolio, particularly in the no-sugar category, with significant volume growth from products like Guaraná Antarctica Zero and Pepsi Black. The company remains focused on executing its strategy to drive further growth and enhance brand value.