Grupo Bimbo (BIMBOA) Q2 2026 earnings summary

Executive summary

• Achieved strong net sales growth on a currency-neutral basis, with adjusted EBITDA margin expanding to 14.4% in the second quarter and 14.2% in 1H26, led by North America and Mexico, and supported by EAA and transformation initiatives.

• Gained market share across all U.S. categories for the first time since 2020, driven by improved commercial execution and innovation.

• Mexico achieved broad-based momentum and record EBITDA margin, supported by best-in-class service, brand strength, and World Cup activity.

• Maintained leadership in baking and snacks, operating in 39 countries with over 100 brands and a market cap of $14.1B as of June 2026.

• Transformation initiatives in North America and sustained momentum in Mexico and EAA contributed to resilience and long-term value creation.

Financial highlights

• Net sales grew 4.7% year-over-year in 1H26 and 4.5% on a currency-neutral basis, reaching $23.4B (LTM); adjusted EBITDA up 10.4% to $3.4B, with margin expanding to 14.4%.

• Free cash flow for 1H26 was approximately Ps. 12 billion, with over Ps. 5.3 billion returned to shareholders via dividends and buybacks.

• Net debt/EBITDA improved to 2.5x at the end of 1H26, down from 2.7x at year-end 2025.

• CapEx for 2026 projected at $1.0–$1.2 billion, with MXN 7 billion invested in the quarter.

• Return on Equity expanded 110 basis points to 9.9%.

Outlook and guidance

• Raised full-year 2026 guidance, expecting mid single-digit net sales growth (including FX), margin expansion of 70–120 basis points, and CapEx of $1.0–$1.2 billion.

• FX assumptions imply a negative impact of ~600bps on top-line growth; inflationary pressures on key inputs expected to persist into 2027.

• Productivity and cost management initiatives are expected to mitigate inflationary impact.

• On track to deliver full-year commitments, supported by strong operating performance and continued margin expansion.