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Becle (CUERVO) investor relations material

Becle Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary23 Oct, 2025

Executive summary

  • Consolidated volumes rose 3.7% year-over-year, led by 5.2% growth in the spirits portfolio, with tequila as the main driver in the U.S. and Canada, despite global industry volatility.

  • Net income surged 354.6% year-over-year to P$4,123 million, aided by asset divestitures and FX gains, with net income margin at 37.7%.

  • EBITDA increased 63.3% year-over-year to P$3,459 million, with EBITDA margin reaching 31.7%.

  • Divested all equity in Lalo Spirits Holdings and signed agreement to sell the non-core Boost brand, focusing on premium portfolio.

Financial highlights

  • Net sales for 3Q25 were P$10,922 million, down 0.2% year-over-year, impacted by price normalization and currency effects.

  • Gross margin expanded by 300 basis points to 56.1%, reflecting lower agave input costs and operational efficiencies.

  • EBITDA margin expanded to 31.7%.

  • Operating income increased 71.1% to P$3,121 million, with margin at 28.6%.

  • Net cash from operating activities was P$3.3 billion pesos for the quarter; cash and cash equivalents at P$12,032 million, up P$2,915 million year-over-year.

Outlook and guidance

  • Focus remains on balancing shipments and depletions, executing premiumization, and maintaining disciplined pricing and operational efficiency.

  • U.S. market expected to remain highly competitive for at least the next 18 months, with continued pricing pressures.

  • EMEA and APAC regions are expected to sustain momentum through commercial execution and premiumization.

  • CapEx efficiency is improving, with more EBITDA generated per unit of CapEx.

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Frequently asked questions

Becle S.A.B. de C.V. is a producer and marketer of distilled spirits, including tequila, whiskey, and vodka. It owns and distributes a portfolio of brands internationally, led by its flagship brand, Jose Cuervo. The company is headquartered in Mexico City, Mexico, and its shares are listed on the BMV.

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