Ambev Logs 16 Billion BRL Net Income in 2025, Posts 70% B2B Marketplace GMV Growth

Ambev (NYSE: ABEV) closed 2025 with 16 billion Brazilian reais in net income and a 70% year-over-year jump in gross merchandise value moved through its B2B marketplace, according to results flagged by Yahoo Finance.

The pairing puts a concrete earnings figure alongside a percentage growth claim on the wholesale channel — exactly the type of disclosure mix wholesale-channel analysts must parse to separate scale from acceleration.

How big is the wholesale channel shift?

The 70% GMV growth reading is a year-over-year percentage. The absolute base — the actual reais transacted through Ambev's B2B marketplace in the prior period — is not disclosed in the headline numbers reported. That gap matters for distributors benchmarking channel share against independent wholesalers and large trading companies operating in Brazil's off-trade.

Ambev's wholesale digital stack connects small retailers, bars and convenience stores directly to its product inventory. Each transaction reduces the routing role of traditional beverage distributors operating between brewer and retailer.

What does the 16 billion BRL net income reflect?

Net income of 16 billion BRL against Ambev's consolidated revenue base indicates continued margin expansion in Brazil operations, where the brewer sells Brahma, Skol, Antarctica and Guaraná Antarctica through supermarkets, on-premise accounts and an expanding digital wholesale channel.

For distribution-focused readers, the net income figure is less informative than the channel mix it implies. A growing share of Ambev revenue transacts through company-controlled rails, which compresses the negotiation leverage of third-party distributors handling SKU mix decisions.

What is the B2B marketplace doing to channel economics?

A marketplace that combines ordering, last-mile delivery and embedded credit pulls three margin pools inward at once:

• Wholesale distribution margin, which historically accrued to intermediaries
• Working capital financing margin, which fintech lenders captured from small retailers
• Delivery logistics margin, which local couriers and wholesalers split

The 70% GMV growth figure suggests Ambev is gaining share across at least one of those pools rapidly. Without disclosed take-rate data — the fee Ambev charges retailers for transactions routed through the platform — gross margin attribution to the marketplace versus core beverage sales remains an open calculation.

What we don't know yet

The headline numbers leave several questions unanswered that distribution analysts will need before modeling channel displacement:

• Absolute B2B marketplace GMV base and 2025 absolute volume
• Marketplace take-rate and rebate structure
• Active retailer count on the platform
• Revenue mix between direct-ship and through-wholesaler fulfillment
• Geographic concentration across Brazil's south, southeast and northeast regions

What to watch next

Ambev's full earnings release and subsequent 20-F filing should resolve at least some of those gaps. Investors will look for line-item commentary separating digital marketplace gross margin from product gross margin, and for active-retailer counts that allow benchmarking against independent B2B platforms operating in Latin America.

If 2026 disclosures replace percentage-growth language with absolute GMV, take-rate and active-account metrics, the Brazilian wholesale beverage channel will move from anecdote-style commentary into measurable redistribution — and independent distributors will face a harder case arguing digital volume is incremental rather than substitutive.