Grupo Bimbo (BIMBOA) Q2 2025 earnings summary

Executive summary

• Achieved record sales and EBITDA growth, particularly outside the U.S., with strong performance in Mexico, Latin America, and EAA, supported by innovation, productivity gains, and strategic acquisitions expanding presence to 39 countries and 76 served markets.

• Diversified business model and leadership in grain-based foods provided resilience amid complex and volatile market conditions.

• Continued strategic investments, innovation, and targeted acquisitions to strengthen competitive position and drive long-term growth.

• Advanced ESG strategy, focusing on reducing carbon footprint, improving product nutrition, and removing artificial ingredients from daily products.

• Operates with over 245 bakeries, 152,000 associates, and 9,000 products globally.

Financial highlights

• Net sales reached historic levels for Q2 and 1H25, with LTM 2Q25 net sales at Ps. $427.5B and adjusted EBITDA at Ps. $57.4B.

• EBITDA margin in North America improved sequentially to 9% in Q2 2025, while Mexico achieved a record margin of 20.3%.

• Gross margin for 1H25 was 52.6%, with adjusted EBITDA margin at 13.9% for 2Q25.

• Latin America and EAA delivered double-digit net sales growth in several countries, with margin expansion in Latin America.

• Net debt closed at MXN 157 billion, with net debt/adjusted EBITDA at 2.9x.

Outlook and guidance

• Full-year sales growth guidance revised to mid-single digits due to stronger peso, impacting top-line and EBITDA growth.

• Adjusted EBITDA margin expected to be flat to slightly contract for the full year, with margin expansion anticipated in the second half.

• CapEx guidance for 2025 set at $1.3–$1.4 billion, reflecting project execution pace and timing adjustments.

• Over $2 billion investment planned in Mexico from 2025–2028 across manufacturing, distribution, and logistics.

• Net leverage ratio expected to close the year at around 3x.