Grupo Bimbo (BIMBOA) Q1 2026 earnings summary

Executive summary

• Achieved record net sales and highest-ever first-quarter EBITDA margin, with all regions growing, led by North America, Mexico, and EAA, supported by price/mix, volume growth, and acquisitions.

• Recent acquisitions, including Bonel in Tunisia, and transformation initiatives contributed to top-line growth and margin expansion; minority stake divestment in Mexico also supported results.

• Recognized among the World's Most Ethical Companies for the 10th consecutive year, with 18 ESG recognitions.

• Delivered robust cash flow and continued deleveraging despite a complex macro and FX environment.

• Expanded global presence with operations in 39 countries and over 100 brands.

Financial highlights

• Net sales increased 4.8% year-over-year excluding FX, setting a first-quarter record; in peso terms, net sales declined 3% due to FX translation.

• Adjusted EBITDA rose 15.2% year-over-year excluding FX, with margin expanding 160 basis points to 14%.

• Free cash flow reached Ps. 7,428 million, up Ps. 4,633 million from 1Q25.

• Net debt decreased by MXN 7 billion versus year-end 2025, with net debt/adjusted EBITDA ratio at 2.5x, down from 2.9x in 1Q25.

• Sale of a 4% minority stake in Grupo La Moderna and Pasta For All contributed approximately 50 basis points to EBITDA margin in the quarter.

Outlook and guidance

• 2026 guidance: mid single-digit net sales growth excluding FX; flat to low single-digit decline including FX.

• Adjusted EBITDA margin expected to expand by 60–110 basis points, targeting 14.5%–15%.

• FX assumption of MXN 17.60/USD, impacting top-line and EBITDA growth by about 50–600 basis points.

• Incorporated a 20 basis point EBITDA margin impact from geopolitical tensions and inflation.

• CapEx guidance maintained at US $1.2–1.4 billion, trending toward the lower end; expect slight deleverage by year-end.