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Investor Relations14 Oct 2025
Boost Your Earnings Season Strategy With Real‑Time Alerts
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Becle (CUERVO) investor relations material
Becle Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Net sales increased 2.8% year-over-year to COP 11.5 billion in Q2 2025, driven by FX tailwinds, premiumization, and product mix, despite a 4.2% volume decline.
EBITDA margin expanded by 270 bps to 23.4%, with healthy cash generation and sixth consecutive quarter of gross margin expansion.
Net income surged 300.2% year-over-year to COP 2 billion, mainly due to higher operating income and significant FX gains.
Core tequila segment showed resilience, with premium offerings outperforming and market share gains in Mexico.
Management remains focused on disciplined execution, brand development, and long-term value creation amid global volatility.
Financial highlights
Net sales: COP 11.5 billion (+2.8% YoY); EBITDA: MXN 2.7 billion (+16.7% YoY); EBITDA margin: 23.4% (+270 bps YoY).
Net income: COP 2 billion (+300.2% YoY); EPS: COP 0.56.
Operating income: COP 2.4 billion (+15.6% YoY); operating margin: 20.6% (+230 bps YoY).
Gross margin: 55.1% (+80 bps YoY); continued expansion, though at a slower pace due to regional mix shifts.
Lease-adjusted net leverage reduced to 1.7x from 2.6x a year ago.
Outlook and guidance
Full-year guidance reaffirmed, expecting continued margin expansion and solid profitability.
Management observes early signs of improvement in some markets and continues to align shipments and depletions.
Near-term volatility anticipated in US and Canada; focus remains on premiumization and adapting to consumer trends.
Expectation of sustained growth in Asia, stabilization in Europe, and emerging opportunities in Africa and Middle East.
AMP expenses as a percentage of net sales decreased to 20.0%, in line with full-year guidance of 20-22%.
What drove gross margin increase in 2Q25?
Why did ROW volume decline 11.3% in 2Q25?
Explain the gain in net financial result.
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Q3 202523 Oct, 2025
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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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