• Ambev S.A average pre-tax profit margin for 2023 was 17.61%, a 9.46% increase from 2022.
• Ambev S.A average pre-tax profit margin for 2022 was 19.45%, a 15.47% decline from 2021.
• Ambev S.A average pre-tax profit margin for 2021 was 23.01%, a 16.92% decline from 2020.

Pre-tax profit margin can be defined as earnings before taxes as a portion of total revenue.