Financial Performance - Net revenue increased by 6.7% year-over-year, with net revenue per hectoliter growing by 5.9%, driven by a 19.5% increase in Latin America South and an 11.4% increase in Brazil NAB[7]. - Consolidated net revenue reached R22,497.4million,an11.0 10,217.3 million in Q1 2024 to R11,551.6millioninQ12025,markinga9.9 4,902.4 million in Q1 2024 to R5,731.4millioninQ12025[77].−NormalizedEBITDAgrewby12.7 6,534.8 million in Q1 2024 to R7,444.6millioninQ12025[77].−ThecompanyreportedaprofitofR 3,804.6 million in Q1 2025, slightly up from R3,804.2millioninQ12024[81].MarketandVolumeGrowth−Consolidatedvolumesgrewby0.7 5,536.1 million, with organic growth of 19.5%[38]. - The core beer segment represented close to 70% of total beer volumes, with megabrands increasing volumes by 3.5% and non-alcoholic beer brands growing volumes by mid-thirties[16][30]. Cost and Profitability - Normalized EBITDA grew by 12.7%, with margins expanding by 180 basis points to 33.1%, supported by disciplined cost management[8][26]. - Cash COGS per hl in Brazil increased by 12.1% primarily due to commodity headwinds, impacting overall profitability[32]. - The company reported a gross profit margin of 51.1% in Q1 2025, compared to 49.2% in Q1 2024[77]. - The normalized EBITDA margin improved from 32.2% in Q1 2024 to 33.1% in Q1 2025[77]. Cash Flow and Dividends - Cash flow from operating activities increased by 67.6% to R1,204.0millioncomparedtoR 718.2 million in 1Q24, driven by Normalized EBITDA growth and lower cash taxes[9][26]. - The Board of Directors approved the distribution of intermediary dividends of approximately R2billiontobepaidinJuly[11][26].−Dividendsandinterestonshareholders′equitypaidsurgedfromR 11.6 million in Q1 2024 to R6,611.4millioninQ12025[83].FinancialPositionandDebt−Thecompany′stotalconsolidateddebtdecreasedfromR 3,452.7 million as of December 31, 2024, to R3,218.2millionbyMarch31,2025[51].−TotalassetsdecreasedfromR 162,507.9 million as of December 31, 2024, to R147,299.0millionasofMarch31,2025[79].−TotalliabilitiesreducedfromR 62,927.4 million to R51,823.1millionduringthesameperiod[79].MarketShareandDigitalInitiatives−Thecompanygainedmarketshareincarbonatedsoftdrinks,withno−sugarvariantslikeGuaranaˊAntarcticaZeroandPepsiBlackgrowingbymid−twentiesandmid−thirties,respectively[32].−BEESMarketplacereached1.4millionmonthlyactivebuyers,a9 (856.4) million, a significant decrease of R450.4millioncomparedtoR (405.9) million in 1Q24[48]. - Interest income decreased slightly from R585.6millionin1Q24toR 564.2 million in 1Q25, while interest expenses also decreased from R(549.5)milliontoR (506.2) million[49]. - The effective tax rate increased from 15.0% in 1Q24 to 21.7% in 1Q25, with income tax and social contribution expense rising from R(671.2)milliontoR (1,051.7) million[53]. - Other operating income increased from R593.0millionin1Q24toR 615.2 million in 1Q25, reflecting a growth of 3.7%[45]. Forward-Looking Statements - The company remains focused on investing in brands and operational efficiency, despite anticipated FX and commodity headwinds in the second quarter[27]. - Forward-looking statements indicate potential risks and uncertainties affecting future performance, with no guarantee that current expectations will be met[74].