Our activities expose us to various market risks, including changes in foreign currency exchange rates and interest rates and changes in the prices of certain commodities, including malt, aluminum, sugar and corn. Market risk is the potential loss arising from adverse changes in market rates and prices. We enter into derivatives and other financial instruments, in order to manage and reduce the impact of fluctuations in commodity prices, in foreign currency exchange rates and in interest rates. We have established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial activities. Decisions regarding hedging are made according to our risk management policy, taking into consideration the amount and duration of the exposure, market volatility and economic trends. These instruments are accounted for based on their characteristics. See Note 28 to our audited consolidated financial statements for a discussion of the accounting policies and information on derivative financial instruments. In order to minimize the credit risk of its investments, we have cash allocation and investment policies, taking into consideration financial institution credit limits and ratings, not allowing credit concentration. Thus, the credit risk is monitored and minimized because the negotiations are carried out only with a select group of highly qualified counterparties. The definition of financial institutions authorized to operate as a counterparty for us is described in our policy, which establishes maximum exposure limits for each counterparty based on each counterparty’s risk rating and capitalization. Enterprise Risk Management (ERM) We have implemented a management strategy to promote enterprise-wide risk management (ERM), through an integrated framework that considers the impact on our business of not only market risks but also of compliance, strategic and operational risks. We believe that such integrated framework, which accounts for different kinds of business risks, enables us to improve management’s ability to evaluate risks associated with our business. The risk management department is responsible for reviewing and following up with management the risk factors and related mitigating initiatives consistent with our corporate strategy. Market risks, such as exposure in foreign currency, interest rates, commodity prices, liquidity and credit risk arise during the normal course of our business. We analyze each of these risks both individually and on an interconnected basis, defining strategies for managing the economic impact on its performance in line with our financial risk management policy. Commodity Risk We use a large volume of agricultural goods to produce our products, including malt and hops for our beer and sugar, guaraná, other fruits and sweeteners for our CSDs. See “Item 4. Information on the Company—B. Business Overview—Sources and Availability of Raw Materials.” We purchase a significant portion of our malt and all of our hops outside of Brazil. We purchase the remainder of our malt and our sugar, guaraná and other fruits and sweeteners locally. Ambev also purchases substantial quantities of aluminum cans. We produce approximately 70% of our consolidated malt needs and approximately 6% of our guaraná requirement. The remainder and all other commodities are purchased from third parties. We believe that adequate supplies of the commodities we use are available at the present time, but we cannot predict the future availability of these commodities or the prices we will have to pay for such commodities. The commodity markets have experienced and will continue to experience price fluctuations. We believe that the future price and supply of agricultural materials will be determined by, among other factors, the level of crop production, weather conditions, export demand, and government regulations and legislation affecting agriculture, and that the price of aluminum and sugar will be largely influenced by international market prices. See “Item 4. Information on the Company—B. Business Overview—Sources and Availability of Raw Materials.” All of the hops we purchase in the international markets outside of South America are paid for in U.S. dollars. In addition, although we purchase aluminum cans and sugar in Brazil, their prices are directly influenced by the fluctuation of international commodity prices. 150 Table of Contents As of December 31, 2025, our derivative activities consisted of sugar, wheat, aluminum, corn and resin derivatives. The table below provides information about our significant commodity risk sensitive instruments as of December 31, 2025. The contract terms of these instruments have been categorized by expected maturity dates and are measured at market prices. Maturity Schedule of Commodities Derivatives as of December 31, 2025 Derivative Instruments 2026 2027 2028 2029 2030 Thereafter Total Fair Value (in R$ million, except price per ton/gallon/barrel/gigajoule) Sugar Derivatives: Notional Amount 301.8 71.6 0.0 0.0 0.0 0.0 373.3 -60.9 Average Price (R$/ton) 2,262.96 1,903.39 0.00 0.00 0.00 0.00 2,194.04 Wheat Derivatives: Notional Amount 238.1 0.0 0.0 0.0 0.0 0.0 238.1 -11.6 Average Price (R$/ton) 1,077.58 0.00 0.00 0.00 0.00 0.00 1,077.58 Aluminum Derivatives: Notional Amount 3,725.5 0.0 0.0 0.0 0.0 0.0 3,725.5 537.6 Average Price (R$/ton) 14,110.27 0.00 0.00 0.00 0.00 0.00 14,110.27 Corn Derivatives: Notional Amount 407.5 2.8 0.0 0.0 0.0 0.0 410.3 -10.2 Average Price (R$/ton) 1,211.82 1,034.61 0.00 0.00 0.00 0.00 1,210.63 Resin Derivatives: Notional Amount 328.1 0.0 0.0 0.0 0.0 0.0 328.1 6.6 Average Price (R$/ton) 4,837.22 0.00 0.00 0.00 0.00 0.00 4,837.22 Interest Rate Risk We are exposed to interest rate volatility with respect to our cash and cash equivalents, current investment securities and fixed and floating rate debt. Our U.S. dollar-denominated cash equivalents generally bear interest at a floating rate. We are exposed to interest rate volatility with regard to existing issuances of fixed rate debt, existing issuances of floating rate debt, currency future and forward swaps agreements, cash and cash equivalents and current investment securities. We manage our debt portfolio in response to changes in interest rates and foreign currency rates by periodically retiring, redeeming and repurchasing debt and using derivative financial instruments. The table below provides information about our significant interest rate sensitive instruments. For variable interest rate debt, the rate presented is the weighted average rate calculated as of December 31, 2025. The contract terms of these instruments have been categorized by expected maturity dates: 151 Table of Contents Maturity Schedule of Debt Portfolio as of December 31, 2025 Debt Instrument 2026 2027 2028 2029 2030 Thereafter Total (in R$ million, except percentages) International Debt: Other Latin America Currency Floating Rate 150.9 153.2 73.1 51.5 199.9 628.5 Average Pay Rate 11.73 11.73 11.73 11.73 11.73 Other Latin America Currency Fixed Rate Average Pay Rate US$ Fixed Rate 3.26 6.49 9.7 Average Pay Rate 2.39 2.39 US$ Floating Rate Average Pay Rate CAD Fixed Rate 127.7 80.1 52.8 42.3 11.9 314.8 Average Pay Rate 5.43 5.43 5.43 5.43 5.43 CAD Floating Rate Average Pay Rate Reais Denominated Debt Floating Rate – TR & TJLP: Notional Amount 16.1 17.6 19.2 21.0 23.0 96.9 Average Pay Rate 9.56 9.56 9.56 9.56 9.56 Reais Debt - ICMS Fixed Rate: Notional Amount 135.5 104.8 54.5 5.6 11.2 311.6 Average Pay Rate 2.87 2.87 2.87 2.87 2.87 Reais Debt - Fixed Rate (Leasings): Notional Amount 734.0 510.1 399.7 132.8 78.6 170.2 2,025.4 Average Pay Rate 11.73 11.73 11.73 11.73 11.73 11.73 Reais Debt - Fixed Rate (BNDES & Finep): Notional Amount Average Pay Rate Total Debt 1,167.3 872.2 599.3 253.2 313.5 181.4 3,386.9 Part of the floating rate debt accrues interest at TJLP. During the period set forth below the TJLP was: 2025 2024 2023 4th Quarter 9.07 7.43 6.55 3rd Quarter 8.96 6.91 7.00 2nd Quarter 8.65 6.67 7.28 1st Quarter 7.97 6.53 7.37 We have not experienced, and do not expect to experience, difficulties in obtaining financing or refinancing existing debt. Foreign Exchange Risk We are exposed to fluctuations in foreign exchange rate movements because a significant portion of our operating expenses, in particular those related to hops, malt, sugar, aluminum and corn, are also denominated in or linked to the U.S. dollar. We enter into derivative financial instruments to manage and reduce the impact of changes in foreign currency exchange rates in respect of our U.S. dollar-denominated debt. From January 1, 2023, until December 31, 2025, the U.S. dollar appreciated 5.5% against the real, and, as of December 31, 2025, the selling rate for purchasing U.S. dollars was R$5.50 per US$1.00. In 2023 and 2024, the U.S. dollar depreciated 7.2% and appreciated 27.9% against the real, respectively. In 2025, the U.S. dollar depreciated 11.1% against the real. 152 Table of Contents Our foreign currency exposure gives rise to market risks associated with exchange rate movements, mainly against the U.S. dollar. Foreign currency-denominated liabilities on December 31, 2025, included debt of R$953.0 million. As of December 31, 2025, derivative activities consisted of foreign currency forward contracts, foreign currency swaps and future contracts. The table below provides information about our significant foreign exchange rate risk sensitive instruments as of December 31, 2025. The contract terms of these instruments have been categorized by expected maturity dates. Maturity Schedule of Foreign Exchange Derivatives as of December 31, 2025 Derivatives Instruments(1) 2026 2027 2028 2029 2030 Thereafter Total Fair Value (in R$ million, except percentages) BM&F Dollar Futures: Notional Amount 1,125.3 0.0 0.0 0.0 0.0 0.0 1,125.3 -1.7 Average Unit Price 6.59 0.00 0.00 0.00 0.00 0.00 6.59 OPTION US$ x R$: Notional Amount 879.0 426.0 0.0 0.0 0.0 0.0 1.305.0 -82.6 Average Unit Price 6.49 6.69 0.00 0.00 0.00 0.00 6.55 NDF US$ x R$: - - - - - Notional Amount 7,746.1 0.0 0.0 0.0 0.0 0.0 7,746.1 -353.2 Average Unit Price 6.47 0.00 0.00 0.00 0.00 0.00 6.47 NDF CAD x US$: - - - - - Notional Amount 1,723.1 0.0 0.0 0.0 0.0 0.0 1,723.1 -12.4 Average Unit Price 5.53 0.00 0.00 0.00 0.00 0.00 5.53 NDF ARS x US$: - - - - - Notional Amount 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Average Unit Price 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NDF CLP x US$: - - - - - Notional Amount 869.7 148.9 0.0 0.0 0.0 0.0 1,018.6 -43.5 Average Unit Price 5.75 5.58 0.00 0.00 0.00 0.00 5.72 NDF UYU x US$: - - - - - Notional Amount 227.9 34.6 0.0 0.0 0.0 0.0 262.5 -14.4 Average Unit Price 6.11 5.78 0.00 0.00 0.00 0.00 6.06 NDF BOB x US$: - - - - - Notional Amount 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Average Unit Price 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NDF PYG x US$: - - - - - Notional Amount 962.1 104.7 0.0 0.0 0.0 0.0 1,066.9 -151.5 Average Unit Price 6.76 6.03 0.00 0.00 0.00 0.00 6.69 NDF MXN x US$: - - - - - Notional Amount 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Average Unit Price 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1) Negative notional amounts represent an excess of liabilities over assets at any given moment. 153 Table of Contents