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, EAA, and from recent acquisitions.

• Operates in 39 countries, serving 76 markets globally, with over 245 bakeries, 152,000 associates, and 9,000 products.

• Maintained resilience amid complex market conditions, leveraging a diversified model across geographies, channels, and categories.

• Continued strategic investments in innovation, ESG initiatives, and targeted acquisitions to drive long-term sustainable growth.

• EBITDA margin contracted due to North American softness and transformation investments, but productivity gains and share recovery were noted.

Financial highlights

• Net sales reached historic levels for Q2 and LTM 2Q25, with Ps. 427.5B in LTM and Ps. 107,503 million for Q2, up 9.4% year-over-year.

• Adjusted EBITDA for 2Q25 was Ps. 14,897 million (13.9% margin), with gross margin at 52.6% for 1H25.

• Net debt closed at MXN 157 billion, up due to acquisitions and CapEx; net debt/adjusted EBITDA at 2.9x.

• Mexico achieved a record high margin of 20.3%, with gross margin up 80 bps and EBITDA margin up 30 bps year-over-year.

• Comprehensive financing cost increased 5.2% to Ps. 3,328 million, reflecting higher interest expenses and debt.

Outlook and guidance

• Full-year sales growth guidance revised to mid-single digits due to a 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 timing, not cancellations.

• Over US$2 billion investment planned in Mexico from 2025 to 2028.

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