Grupo Bimbo (BIMBOA) Q3 2026 earnings summary

Executive summary

• Q3 net sales grew 3.6% excluding FX, while Adjusted EBITDA rose 9.3% and margin expanded 100 bps to 15.7%.

• YTD net sales and Adjusted EBITDA grew 4.3% and 10.0%, respectively, excluding FX; margin reached 14.7%.

• Growth and margin gains came amid consumer pressure; priorities include restoring North American volume growth while sustaining profitability and productivity.

Financial highlights

• Q3 net sales were Ps. 106.1bn, down 1.3% reported and up 3.6% excluding FX; gross profit rose 5.0% excluding FX to Ps. 56.3bn.

• Gross margin expanded 80 bps to 53.1%; operating income rose 12.9% excluding FX to Ps. 10.4bn, with operating margin up 100 bps to 9.8%.

• Adjusted EBITDA was Ps. 16.6bn, up 5.5% reported and 9.3% excluding FX; margin reached 15.7%, up 100 bps.

• Net majority income was Ps. 4.1bn, up 22.1% reported and 24.0% excluding FX; net margin rose 80 bps to 3.9%.

• 9M free cash flow was nearly Ps. 17bn after Ps. 12.1bn of CapEx, supported by EBITDA and working capital.

Outlook and guidance

• FY 2026 net sales guidance remains mid-single-digit growth excluding FX, equivalent to flat to low-single-digit decline in pesos.

• FY Adjusted EBITDA margin expansion guidance was raised to 85–120 bps versus 2025.

• 2026 CapEx guidance is US$1.0–1.2bn, focused on continuity, growth capacity, automation, technology and efficiency; deferred projects may lift 2027 CapEx above 2026 levels.

• 2027 priorities include North America transformation gains, profitable Mexico growth, Latin America improvement and continued EAA momentum; formal guidance is expected on the Q4 call.