Grupo Nutresa (NUTRESA) Q2 2026 earnings summary

Executive summary

• Consolidated Q2 sales were COP 5.1 trillion, down 1.6% year-over-year due to FX, but up 14.4% in USD terms, with strong local currency growth in Colombia and margin expansion.

• Operating revenue for H1 2026 reached COP 10.28 trillion, up 2.4% year-over-year, with gross profit at COP 4.37 trillion, a 13.5% increase.

• EBITDA for H1 2026 was COP 2.0 trillion, up 32% year-over-year, with a margin of 19.0%–19.5%.

• Net profit for Q2 2026 was COP 93.7 billion, with net profit for H1 at COP 80.25 billion, down sharply due to higher financial expenses and FX losses.

• Strategic acquisitions in Ecuador (La Universal), Venezuela (Tío Rico), and Colombia (Mimos) were finalized or are pending regulatory approval.

Financial highlights

• Q2 consolidated sales: COP 5.1 trillion, down 1.6% year-over-year due to FX; underlying volume down 1.5%.

• EBITDA for H1 2026: COP 1.95 trillion (19.0% margin), up 32% year-over-year.

• Gross margin expanded to 42.5%, up 420–450 bps year-over-year.

• Net leverage to trailing 12-month adjusted EBITDA at 3.84x, improved from 4.68x a year ago.

• Cash and cash equivalents at June 30, 2026, were COP 2.47 trillion.

Outlook and guidance

• EBITDA guidance for 2026 affirmed at USD 1.15–1.25 billion, margin 18%–20%.

• Expectation of maintaining healthy gross margins in 2027, supported by hedging and efficiency initiatives.

• Acquisitions in Ecuador and Venezuela expected to close within six months, pending regulatory approvals.

• Management continues to monitor regulatory changes, including OECD Pillar Two and new IFRS standards.