Becle (CUERVO) Q3 2026 earnings summary

Executive summary

• Q3 volume fell 8.7% to 5.7M 9L cases; net sales declined 15.3% reported and 10.3% at constant currency, reflecting lower volume, FX and unfavorable price/mix.

• U.S. distributor transition and inventory rebalancing progressed, with further sequential shipment improvement; Mexico continued to outperform a contracting market.

• Reported results faced peso appreciation, phasing effects and a demanding comparison base; management cited a solid financial position and confidence in sustainable, profitable growth.

Financial highlights

• Q3 net sales were P$9,253M, down 15.3% reported and 10.3% at constant currency excluding b:oost; gross profit was P$4,730M, down 22.8%.

• Operating income fell 64.4% to P$1,112M; EBITDA declined 57.9% to P$1,456M, net income fell 84.6% to P$633M and EPS was P$0.18.

• 9M net sales fell 17.1% to P$26,523M; operating income declined 52.1% to P$3,507M, EBITDA fell 45.3% to P$4,544M and net income decreased 66.6% to P$2,437M.

• Q3 operating cash flow was P$1.0B.

Outlook and guidance

• FY 2026 guidance revised to a mid-single-digit decline in consolidated net sales value at constant currency.

• U.S. shipments and depletions expected to align in Q4 and through 2027 as inventories normalize; share performance expected to improve into 2027.

• EMEA/APAC expects a Q4 shipment catch-up after delays, with depletions expected to outperform shipments by year-end and tequila demand remaining resilient.

• Mexico’s Q4 priority is healthy inventories during its key trading period; AMP was 20.2% of 9M net sales, within the 19%–21% FY range.