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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.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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