Alsea (ALSEA) Q4 2025 earnings summary

Executive summary

• Achieved gradual improvement and disciplined organic growth in 2025, focusing on operational excellence, digital transformation, innovation, and portfolio simplification, including new brands and divestments in Spain and Chile.

• Digital sales accounted for 38.6% of total sales, growing 15.0% year-over-year, with loyalty sales up 13.4% and continued inclusion in the Dow Jones Sustainability Index.

• Opened 169 new stores in 2025, below initial expectations due to a shift toward higher-quality investments.

Financial highlights

• Q4 2025 total sales increased 0.5% year-over-year to MXN 21.7 billion; excluding FX effects, sales rose 12%.

• Same-store sales grew 3.3% in Q4; EBITDA up 2.9% to MXN 3.7 billion with margin expanding 40 bps to 16.8%.

• Net income for Q4 rose 32% to MXN 812 million; full-year net income surged 88.7% to MXN 2,564 million.

• Digital orders reached 36.6 million, with digital tender accounting for 39.6% of sales.

• Net debt/EBITDA at 2.4x at year-end 2025.

Outlook and guidance

• 2026 guidance to be detailed at Alsea Day in March; focus on free cash flow generation, rationalized CapEx, and leveraging operating efficiencies.

• Strategic focus on markets and brands with highest growth potential, leveraging scalable success and CAPEX optimization.

• Recently completed debt refinancing with improved cost and maturity, including a sustainability label.