Grupo Bimbo (BIMBOA) Q3 2025 earnings summary

Executive summary

• Achieved historic Q3 net sales and EBITDA growth across all regions, with strong performance in Mexico, EAA, and Latin America, supported by disciplined pricing, operational efficiencies, and geographic diversification.

• Maintained or gained market share in five of six categories, with North America returning to double-digit EBITDA margin and Mexico achieving record sales despite soft consumption.

• Recent acquisitions and inorganic growth initiatives were highly accretive, reinforcing the strategic roadmap and sustainable, profitable growth.

• Maintained leadership in the global baking industry, operating in 91 countries with over 100 brands and 9,000 products.

• Continued progress on ESG initiatives, with significant advancements in sustainability and social impact goals.

Financial highlights

• Net sales reached a record Ps. 107,421 million, up 1.2% year-over-year, with LTM net sales at US $22 billion and adjusted EBITDA at US $3 billion as of September 30, 2025.

• Adjusted EBITDA totaled Ps. 15,776 million, up 0.8%, with margin steady at 14.7%, the highest for a third quarter.

• North America posted three consecutive quarters of sequential margin improvements, returning to a 10.4% EBITDA margin.

• Mexico delivered sales growth of 0.3% year-over-year, maintaining EBITDA margins above 20% despite a tough comparison.

• EAA sales grew over 17% (ex-FX), achieving a record Q3 margin of 11.2%, driven by strong performance in multiple countries and acquisitions.

Outlook and guidance

• Guidance reaffirmed for mid single-digit net sales growth, low to mid single-digit adjusted EBITDA growth, and CAPEX of US $1.3–1.4 billion.

• Leverage outlook improved, expecting to end the year at 2.9x net debt/EBITDA, including the Wickbold acquisition.

• Transformation project is a multi-year journey, with top-line impact expected to build through 2026 and beyond.