Alicorp (ALICORC1) Q1 2026 earnings summary

Executive summary

• Achieved a solid start to 2026 with strong commercial execution, brand investments, and broad-based volume growth, despite a dynamic and complex environment.

• Consolidated revenue for Q1 2026 reached S/ 2,930.1 million, up 3.4% year-over-year, driven by volume growth and recent acquisitions, notably Inka Crops.

• Adjusted EBITDA increased 5.5% year-over-year to S/ 459.3 million, with margin expansion in key segments.

• Closed the acquisition of a 60% stake in Inka Crops and Procesadora Tropical, consolidated from March 2026.

• Entered into an agreement for the potential acquisition of Flora Food Group's Latin America spreads business, excluding Mexico and Brazil, to expand presence and drive long-term growth.

Financial highlights

• Adjusted gross profit rose 5.4% year-over-year to S/ 791.0 million; adjusted gross margin improved to 27.0%.

• Adjusted EBITDA for Q1 2026 increased to S/ 459.3 million, up from S/ 435 million in Q1 2025, with margin stable at 15.7%.

• Volume grew 8.5% year-over-year to 645.2 thousand metric tons.

• Consumer Goods Peru sales volumes grew 12.5% year-over-year, driving strong results.

• International business benefited from acquisitions, notably La Fabril, Jabonería Wilson, and Inka Crops.

Outlook and guidance

• Reaffirmed full-year guidance for low-to-mid single digit growth in revenue and adjusted EBITDA.

• Net debt to adjusted EBITDA expected at ~2.0x, potentially rising to 2.4x if pending M&A closes.

• CapEx for 2026 projected at $110 million, reflecting new organic growth opportunities.

• Continued focus on portfolio momentum, operational execution, and integration of recent acquisitions.

• Vigilant on external risks, especially input costs and FX volatility, but maintaining guidance.