Alicorp (ALICORC1) investor relations material

Executive summary

• Q3 revenue rose 14.2% YoY to S/3,435.5M and volume increased 10.4%; adjusted EBITDA grew 1.1% to S/479.3M, while margin declined 1.8 p.p. to 14.0%.

• Excluding inorganic contributions, revenue grew 7.0% and volume 5.6%; acquisitions drove a significant share of growth, particularly in International Business.

• FY 2026 guidance strengthened to high-single-digit revenue growth and mid-single-digit adjusted EBITDA growth; temporary pressures may continue into Q4 2026 and Q1 2027.

Financial highlights

• Q3 reported operating profit was S/351.3M versus S/349.2M; net income was S/180.2M versus S/185.7M, including a S/4.2M loss from discontinued operations.

• YTD revenue rose 9.4% to S/9,518.6M; net income increased to S/551.5M from S/522.5M, and EPS was S/0.936 versus S/0.837.

• Q3 adjusted gross profit increased 10.4% to S/879.2M, while adjusted gross margin fell 0.9 p.p. to 25.6%; excluding inorganic contributions, adjusted gross profit grew 3.4%.

• Q3 adjusted EBITDA reconciliation included impairment charges of S/1.7M, restructuring expenses of S/3.4M, M&A expenses of S/13.1M and a fixed-asset sale loss of S/4.6M.

Outlook and guidance

• FY 2026 guidance: high-single-digit revenue growth and mid-single-digit adjusted EBITDA growth; YTD adjusted EBITDA grew 5%, broadly in line with guidance.

• Growth drivers include Consumer Goods Peru volume and mix, B2B commercial initiatives, Vitapro volumes and a full-quarter contribution from Colombia home care.

• Year-end net debt to adjusted EBITDA is expected at 2.0x–2.7x, including the Colombia acquisition and planned PEN 250M dividend; 2026 CapEx guidance is $100M–$110M.

• Priorities include active working-capital management, strategic discipline, cost control and value-added B2B solutions to sustain cash generation and profitable growth.