Ambev S.A.
ABEV
Consumer Staples
3
exclusion reasons
3 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
In October 2023, the Brazilian Antitrust Authority (CADE) signed a "Cease and Desist" agreement with Ambev following investigations into exclusivity contracts with bars and restaurants. The agreement, which runs through December 2028, strictly limits the duration and automatic renewal of these contracts to prevent Ambev from blocking competitors (like Heineken) from strategic points of sale.
In early 2024, Brazil's Ministry of Labor exposed Ambev for subjecting over 300 workers to inhumane conditions during the Salvador Carnival. Workers selling Ambev beer were deprived of basic accommodation and sanitary facilities and forced to sleep on the ground.
This follows a 2021 incident where 22 Venezuelans and one Haitian immigrant lived for months (some more than a year) in the cab of trucks parked at an Ambev distributor's headquarters. They did not have access to drinking water, and were forced to work long hours without a day off.
Ambev S.A. is the largest brewer in Latin America and a subsidiary of Anheuser-Busch InBev. Alcohol production is the company's core business, generating net sales of 89.5 billion Brazilian reais (approximately $14.8 billion) in 2024, a 12.2% year-over-year increase. The company operates in 18 countries across the Americas, producing major beer brands including Brahma, Antarctica, Bohemia, and Stella Artois. Premium brands represented 22% of total beer volumes in Q1 2025, up from 18% in 2024, reflecting the company's strategic premiumization push. Alcohol operations account for the vast majority of revenue, with non-alcoholic beverages (PepsiCo products) representing a minor share.
Research Sources
3 organizations
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