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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.
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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%.

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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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