• Ambev S.A average return on tangible equity for 2023 was 39, a 2.96% decline from 2022.
• Ambev S.A average return on tangible equity for 2022 was 40.19, a 3.71% decline from 2021.
• Ambev S.A average return on tangible equity for 2021 was 41.74, a 6.34% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.