Alsea (ALSEA) Q3 2026 earnings summary

Executive summary

• Consolidated same-store sales rose 4.2%, up from 2.6% in Q2, with momentum improving through the quarter; Mexico led the recovery as customers resumed routines after the World Cup.

• Net sales increased 1.8% to MXN 21,243M, or 5.6% excluding FX; pre-IFRS 16 EBITDA rose 2.2% to MXN 2,943M and margin expanded 10 bps to 13.9%.

• Net income rose 15.3% to MXN 590M; 9M free cash flow was positive at MXN 955M, a nearly MXN 4B improvement YoY.

Financial highlights

• Net sales were MXN 21,243M, up 1.8% YoY; post-IFRS 16 sales were MXN 21.4B, up 2.0%.

• Pre-IFRS 16 EBITDA was MXN 2,943M, up 2.2%, with a 13.9% margin, up 10 bps; gross margin declined 10 bps to 67.2%.

• Net income increased 15.3% to MXN 590M and EPS rose 15.8% to MXN 0.74, on a pre-IFRS 16 basis.

• Regional sales: Mexico MXN 12,150M, up 5.9%; Europe MXN 6,079M, down 4.6% in pesos; South America MXN 3,015M, flat.

• Digital sales grew 11.3% to MXN 8.1B, or 40.7% of total sales; loyalty sales rose 9% to MXN 5.6B.

Outlook and guidance

• Reaffirmed updated FY2026 guidance issued in July; October trends through week three resembled September, the strongest month in Q3.

• Q4 is typically the strongest sales quarter; priorities for 2027 include value, innovation, disciplined CapEx, profitability and cash generation, with detailed guidance expected in February.

• Starbucks Mexico plans no price increases; productivity and P&L efficiencies are intended to offset an estimated 17% labor-cost impact in 2027.