Ambev is the largest brewer in Latin America by volume, producing, distributing, and selling beer across 11 countries in the Americas. Brazil is by far the largest market, accounting for roughly 56% of consolidated revenue, with Beer Brazil alone representing ~46%. Ambev's Brazilian beer portfolio spans multiple price tiers: core mass-market brands (Skol, Brahma, Antarctica) drive the bulk of volumes, while premium brands (Corona, Stella Artois, Spaten, Budweiser) are the fastest-growing part of the portfolio and carry better margins. Outside Brazil, key markets include Argentina (the second-largest by volume, operated under the Latin America South segment), Canada (through Labatt, the estimated market leader there), and Central America and the Caribbean. Ambev also produces and distributes non-alcoholic beverages in Brazil, primarily Pepsi-licensed CSDs and its proprietary Guaraná Antarctica brand, representing ~10% of consolidated revenue. Ambev's profitability is driven by growing revenue per hectoliter faster than cost per hectoliter — premiumization, pricing discipline, and volume leverage on a largely fixed cost base are the key levers. Input costs are meaningfully exposed to FX and commodities, which Ambev hedges on a rolling basis. Distribution is a structural advantage in Brazil, where Ambev reaches ~1 million points of sale. Ambev is also rolling out BEES, a B2B digital ordering platform, and Zé Delivery, a direct-to-consumer cold beverage platform with 27 million yearly active users in Brazil. Most of Ambev's premium brands are licensed from parent company ABI, which holds ~62% of total shares.